Correlation Between UnitedHealth Group and Grupo Carso
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By analyzing existing cross correlation between UnitedHealth Group Incorporated and Grupo Carso SAB, you can compare the effects of market volatilities on UnitedHealth Group and Grupo Carso 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 UnitedHealth Group with a short position of Grupo Carso. Check out your portfolio center. Please also check ongoing floating volatility patterns of UnitedHealth Group and Grupo Carso.
Diversification Opportunities for UnitedHealth Group and Grupo Carso
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between UnitedHealth and Grupo is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding UnitedHealth Group Incorporate and Grupo Carso SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Carso SAB and UnitedHealth 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 UnitedHealth Group Incorporated are associated (or correlated) with Grupo Carso. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Carso SAB has no effect on the direction of UnitedHealth Group i.e., UnitedHealth Group and Grupo Carso go up and down completely randomly.
Pair Corralation between UnitedHealth Group and Grupo Carso
Assuming the 90 days trading horizon UnitedHealth Group Incorporated is expected to generate 1.06 times more return on investment than Grupo Carso. However, UnitedHealth Group is 1.06 times more volatile than Grupo Carso SAB. It trades about 0.21 of its potential returns per unit of risk. Grupo Carso SAB is currently generating about 0.07 per unit of risk. If you would invest 1,130,100 in UnitedHealth Group Incorporated on August 30, 2024 and sell it today you would earn a total of 122,775 from holding UnitedHealth Group Incorporated or generate 10.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
UnitedHealth Group Incorporate vs. Grupo Carso SAB
Performance |
| Timeline |
| UnitedHealth Group |
| Grupo Carso SAB |
UnitedHealth Group and Grupo Carso Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UnitedHealth Group and Grupo Carso
The main advantage of trading using opposite UnitedHealth Group and Grupo Carso positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UnitedHealth Group position performs unexpectedly, Grupo Carso 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 Grupo Carso will offset losses from the drop in Grupo Carso's long position.| UnitedHealth Group vs. MercadoLibre | UnitedHealth Group vs. Southwest Airlines | UnitedHealth Group vs. The Walt Disney | UnitedHealth Group vs. Apple Inc |
| Grupo Carso vs. Grupo Profuturo SAB | Grupo Carso vs. Corporacin Inmobiliaria Vesta | Grupo Carso vs. Financiera Independencia SAB | Grupo Carso vs. The Select Sector |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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