Correlation Between COMCAST and GoHealth
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By analyzing existing cross correlation between COMCAST PORATION and GoHealth, you can compare the effects of market volatilities on COMCAST and GoHealth 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 COMCAST with a short position of GoHealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of COMCAST and GoHealth.
Diversification Opportunities for COMCAST and GoHealth
Excellent diversification
The 3 months correlation between COMCAST and GoHealth is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding COMCAST PORATION and GoHealth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GoHealth and COMCAST 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 COMCAST PORATION are associated (or correlated) with GoHealth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GoHealth has no effect on the direction of COMCAST i.e., COMCAST and GoHealth go up and down completely randomly.
Pair Corralation between COMCAST and GoHealth
Assuming the 90 days trading horizon COMCAST PORATION is expected to under-perform the GoHealth. But the bond apears to be less risky and, when comparing its historical volatility, COMCAST PORATION is 9.5 times less risky than GoHealth. The bond trades about -0.21 of its potential returns per unit of risk. The GoHealth is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 938.00 in GoHealth on August 30, 2024 and sell it today you would earn a total of 296.00 from holding GoHealth or generate 31.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
COMCAST PORATION vs. GoHealth
Performance |
| Timeline |
| COMCAST PORATION |
| GoHealth |
COMCAST and GoHealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COMCAST and GoHealth
The main advantage of trading using opposite COMCAST and GoHealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COMCAST position performs unexpectedly, GoHealth 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 GoHealth will offset losses from the drop in GoHealth's long position.| COMCAST vs. GoHealth | COMCAST vs. Employers Holdings | COMCAST vs. The Hanover Insurance | COMCAST vs. MGIC Investment Corp |
| GoHealth vs. eHealth | GoHealth vs. Tian Ruixiang Holdings | GoHealth vs. Huize Holding | GoHealth vs. Selectquote |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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