Correlation Between Eastman Kodak and UNITEDHEALTH
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By analyzing existing cross correlation between Eastman Kodak Co and UNITEDHEALTH GROUP INC, you can compare the effects of market volatilities on Eastman Kodak 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 Eastman Kodak with a short position of UNITEDHEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Kodak and UNITEDHEALTH.
Diversification Opportunities for Eastman Kodak and UNITEDHEALTH
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Eastman and UNITEDHEALTH is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Kodak Co 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 Eastman Kodak 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 Eastman Kodak Co 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 Eastman Kodak i.e., Eastman Kodak and UNITEDHEALTH go up and down completely randomly.
Pair Corralation between Eastman Kodak and UNITEDHEALTH
Given the investment horizon of 90 days Eastman Kodak Co is expected to generate 15.46 times more return on investment than UNITEDHEALTH. However, Eastman Kodak is 15.46 times more volatile than UNITEDHEALTH GROUP INC. It trades about 0.19 of its potential returns per unit of risk. UNITEDHEALTH GROUP INC is currently generating about -0.1 per unit of risk. If you would invest 468.00 in Eastman Kodak Co on September 25, 2024 and sell it today you would earn a total of 237.00 from holding Eastman Kodak Co or generate 50.64% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 97.62% |
Values | Daily Returns |
Eastman Kodak Co vs. UNITEDHEALTH GROUP INC
Performance |
Timeline |
Eastman Kodak |
UNITEDHEALTH GROUP INC |
Eastman Kodak and UNITEDHEALTH Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Eastman Kodak and UNITEDHEALTH
The main advantage of trading using opposite Eastman Kodak and UNITEDHEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Kodak 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.Eastman Kodak vs. SMX Public Limited | Eastman Kodak vs. System1 | Eastman Kodak vs. Lichen China Limited | Eastman Kodak vs. Team Inc |
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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