Correlation Between Frontier Group and UNITEDHEALTH
Specify exactly 2 symbols:
By analyzing existing cross correlation between Frontier Group Holdings and UNITEDHEALTH GROUP INC, you can compare the effects of market volatilities on Frontier Group and UNITEDHEALTH and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Frontier Group with a short position of UNITEDHEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Frontier Group and UNITEDHEALTH.
Diversification Opportunities for Frontier Group and UNITEDHEALTH
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Frontier and UNITEDHEALTH is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Frontier Group Holdings and UNITEDHEALTH GROUP INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNITEDHEALTH GROUP INC and Frontier Group is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Frontier Group Holdings are associated (or correlated) with UNITEDHEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNITEDHEALTH GROUP INC has no effect on the direction of Frontier Group i.e., Frontier Group and UNITEDHEALTH go up and down completely randomly.
Pair Corralation between Frontier Group and UNITEDHEALTH
Given the investment horizon of 90 days Frontier Group Holdings is expected to under-perform the UNITEDHEALTH. In addition to that, Frontier Group is 3.8 times more volatile than UNITEDHEALTH GROUP INC. It trades about -0.46 of its total potential returns per unit of risk. UNITEDHEALTH GROUP INC is currently generating about 0.0 per unit of volatility. If you would invest 9,860 in UNITEDHEALTH GROUP INC on December 16, 2024 and sell it today you would lose (1.00) from holding UNITEDHEALTH GROUP INC or give up 0.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Frontier Group Holdings vs. UNITEDHEALTH GROUP INC
Performance |
| Timeline |
| Frontier Group Holdings |
| UNITEDHEALTH GROUP INC |
Frontier Group and UNITEDHEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Frontier Group and UNITEDHEALTH
The main advantage of trading using opposite Frontier Group and UNITEDHEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Frontier Group position performs unexpectedly, UNITEDHEALTH can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in UNITEDHEALTH will offset losses from the drop in UNITEDHEALTH's long position.| Frontier Group vs. JetBlue Airways Corp | ||
| Frontier Group vs. Southwest Airlines | ||
| Frontier Group vs. United Airlines Holdings | ||
| Frontier Group vs. American Airlines Group |
| UNITEDHEALTH vs. Cardinal Health | ||
| UNITEDHEALTH vs. Merit Medical Systems | ||
| UNITEDHEALTH vs. Spyre Therapeutics | ||
| UNITEDHEALTH vs. Jabil Circuit |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |