Correlation Between United Natural and INTNED

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Can any of the company-specific risk be diversified away by investing in both United Natural and INTNED at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining United Natural and INTNED into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between United Natural Foods and INTNED 3869 28 MAR 26, you can compare the effects of market volatilities on United Natural and INTNED 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 United Natural with a short position of INTNED. Check out your portfolio center. Please also check ongoing floating volatility patterns of United Natural and INTNED.

Diversification Opportunities for United Natural and INTNED

-0.33
  Correlation Coefficient

Very good diversification

The 3 months correlation between United and INTNED is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding United Natural Foods and INTNED 3869 28 MAR 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTNED 3869 28 and United Natural 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 United Natural Foods are associated (or correlated) with INTNED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTNED 3869 28 has no effect on the direction of United Natural i.e., United Natural and INTNED go up and down completely randomly.

Pair Corralation between United Natural and INTNED

Given the investment horizon of 90 days United Natural Foods is expected to generate 2.21 times more return on investment than INTNED. However, United Natural is 2.21 times more volatile than INTNED 3869 28 MAR 26. It trades about 0.16 of its potential returns per unit of risk. INTNED 3869 28 MAR 26 is currently generating about -0.25 per unit of risk. If you would invest  2,759  in United Natural Foods on November 3, 2024 and sell it today you would earn a total of  215.00  from holding United Natural Foods or generate 7.79% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy71.43%
ValuesDaily Returns

United Natural Foods  vs.  INTNED 3869 28 MAR 26

 Performance 
       Timeline  
United Natural Foods 

Risk-Adjusted Performance

16 of 100

 
Weak
 
Strong
Solid
Compared to the overall equity markets, risk-adjusted returns on investments in United Natural Foods are ranked lower than 16 (%) of all global equities and portfolios over the last 90 days. Despite fairly fragile technical and fundamental indicators, United Natural demonstrated solid returns over the last few months and may actually be approaching a breakup point.
INTNED 3869 28 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days INTNED 3869 28 MAR 26 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, INTNED is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

United Natural and INTNED Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with United Natural and INTNED

The main advantage of trading using opposite United Natural and INTNED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if United Natural position performs unexpectedly, INTNED 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 INTNED will offset losses from the drop in INTNED's long position.
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The idea behind United Natural Foods and INTNED 3869 28 MAR 26 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..

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