Universal Health Correlations

WY8 Stock

EUR 38.68 0.06 0.16%

The current 90-days correlation between Universal Health Realty and Granite Construction is 0.01 (i.e., Significant diversification). The correlation of Universal Health is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Universal Health Correlation With Market

Very weak diversification

The correlation between Universal Health Realty and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Universal Health Realty and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Universal Health could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Universal Health when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Universal Health - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Universal Health Realty to buy it.

Moving together with Universal Stock

0.63	WX6	National Health Investors	Pair Corr
0.65	OIX	ORIX	Pair Corr

Moving against Universal Stock

0.49	KBIA	KB Financial Group	Pair Corr
0.48	BOSS	Hugo Boss AG	Pair Corr
0.42	W8V	Bank of China	Pair Corr
0.4	WX4	Omega Healthcare Inv	Pair Corr
0.35	SAP	SAP SE	Pair Corr
0.33	BN9	The Bank	Pair Corr

Related Correlations Analysis

	HNC	GRG	CDE	P4Q	4D7	6WW	US8	AY5
HNC		0.0	0.0	0.0	0.0	0.0	0.0	0.0	HNC
GRG	0.0		-0.42	0.03	-0.23	-0.75	-0.45	-0.49	GRG
CDE	0.0	-0.42		-0.11	0.54	0.52	0.01	0.38	CDE
P4Q	0.0	0.03	-0.11		-0.51	-0.18	0.75	0.1	P4Q
4D7	0.0	-0.23	0.54	-0.51		0.49	-0.43	0.12	4D7
6WW	0.0	-0.75	0.52	-0.18	0.49		0.15	0.52	6WW
US8	0.0	-0.45	0.01	0.75	-0.43	0.15		0.34	US8
AY5	0.0	-0.49	0.38	0.1	0.12	0.52	0.34		AY5
	HNC	GRG	CDE	P4Q	4D7	6WW	US8	AY5

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

US8	+ 0.75	P4Q
4D7	+ 0.54	CDE
6WW	+ 0.52	CDE
AY5	+ 0.52	6WW
6WW	+ 0.49	4D7
AY5	+ 0.38	CDE

High negative correlations

6WW	- 0.75	GRG
4D7	- 0.51	P4Q
AY5	- 0.49	GRG
US8	- 0.45	GRG
US8	- 0.43	4D7
CDE	- 0.42	GRG

Risk-Adjusted Indicators

There is a big difference between Universal Stock performing well and Universal Health Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Universal Health's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HNC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GRG	1.32	0.46	0.28	1.55	0.89	(1.82)	3.00	(1.62)	13.01
CDE	0.93	(0.01)	(0.06)	0.07	1.06	(1.49)	2.20	(2.16)	6.05
P4Q	1.95	0.29	0.10	1.29	1.83	(2.33)	3.85	(3.09)	14.33
4D7	0.90	0.01	(0.05)	0.25	1.13	(1.31)	1.87	(1.89)	5.77
6WW	2.19	(0.05)	0.00	0.18	0.00	0.00	6.36	(5.48)	32.89
US8	2.66	0.28	0.04	(0.59)	3.15	(3.17)	5.66	(4.22)	20.89
AY5	0.99	(0.01)	0.00	0.36	0.00	0.00	2.35	(2.38)	10.86

Be your own money manager

Our tools can tell you how much better you can do entering a position in Universal Health without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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