Correlation Between Kaltura and UNITEDHEALTH
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By analyzing existing cross correlation between Kaltura and UNITEDHEALTH GROUP INC, you can compare the effects of market volatilities on Kaltura 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 Kaltura with a short position of UNITEDHEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kaltura and UNITEDHEALTH.
Diversification Opportunities for Kaltura and UNITEDHEALTH
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kaltura and UNITEDHEALTH is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Kaltura 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 Kaltura 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 Kaltura 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 Kaltura i.e., Kaltura and UNITEDHEALTH go up and down completely randomly.
Pair Corralation between Kaltura and UNITEDHEALTH
Given the investment horizon of 90 days Kaltura is expected to generate 19.13 times more return on investment than UNITEDHEALTH. However, Kaltura is 19.13 times more volatile than UNITEDHEALTH GROUP INC. It trades about 0.22 of its potential returns per unit of risk. UNITEDHEALTH GROUP INC is currently generating about -0.14 per unit of risk. If you would invest 124.00 in Kaltura on September 18, 2024 and sell it today you would earn a total of 99.00 from holding Kaltura or generate 79.84% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 96.88% |
Values | Daily Returns |
Kaltura vs. UNITEDHEALTH GROUP INC
Performance |
Timeline |
Kaltura |
UNITEDHEALTH GROUP INC |
Kaltura and UNITEDHEALTH Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kaltura and UNITEDHEALTH
The main advantage of trading using opposite Kaltura and UNITEDHEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kaltura 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.Kaltura vs. Evertec | Kaltura vs. Consensus Cloud Solutions | Kaltura vs. Global Blue Group | Kaltura vs. Lesaka Technologies |
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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