Correlation Between International Business and UNITEDHEALTH
Specify exactly 2 symbols:
By analyzing existing cross correlation between International Business Machines and UNITEDHEALTH GROUP INC, you can compare the effects of market volatilities on International Business 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 International Business with a short position of UNITEDHEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of International Business and UNITEDHEALTH.
Diversification Opportunities for International Business and UNITEDHEALTH
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between International and UNITEDHEALTH is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding International Business Machine 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 International Business 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 International Business Machines 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 International Business i.e., International Business and UNITEDHEALTH go up and down completely randomly.
Pair Corralation between International Business and UNITEDHEALTH
Considering the 90-day investment horizon International Business Machines is expected to generate 3.0 times more return on investment than UNITEDHEALTH. However, International Business is 3.0 times more volatile than UNITEDHEALTH GROUP INC. It trades about 0.09 of its potential returns per unit of risk. UNITEDHEALTH GROUP INC is currently generating about -0.07 per unit of risk. If you would invest 21,326 in International Business Machines on September 18, 2024 and sell it today you would earn a total of 1,607 from holding International Business Machines or generate 7.54% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 98.41% |
Values | Daily Returns |
International Business Machine vs. UNITEDHEALTH GROUP INC
Performance |
Timeline |
International Business |
UNITEDHEALTH GROUP INC |
International Business and UNITEDHEALTH Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with International Business and UNITEDHEALTH
The main advantage of trading using opposite International Business and UNITEDHEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if International Business 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.International Business vs. Cognizant Technology Solutions | International Business vs. FiscalNote Holdings | International Business vs. Innodata | International Business vs. Aurora Innovation |
UNITEDHEALTH vs. Stepan Company | UNITEDHEALTH vs. Sun Life Financial | UNITEDHEALTH vs. Axalta Coating Systems | UNITEDHEALTH vs. NL Industries |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
Bonds Directory Find actively traded corporate debentures issued by US companies |