Correlation Between Dave Busters and UNITEDHEALTH
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By analyzing existing cross correlation between Dave Busters Entertainment and UNITEDHEALTH GROUP INC, you can compare the effects of market volatilities on Dave Busters 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 Dave Busters with a short position of UNITEDHEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dave Busters and UNITEDHEALTH.
Diversification Opportunities for Dave Busters and UNITEDHEALTH
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Dave and UNITEDHEALTH is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Dave Busters Entertainment 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 Dave Busters 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 Dave Busters Entertainment 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 Dave Busters i.e., Dave Busters and UNITEDHEALTH go up and down completely randomly.
Pair Corralation between Dave Busters and UNITEDHEALTH
Given the investment horizon of 90 days Dave Busters Entertainment is expected to under-perform the UNITEDHEALTH. In addition to that, Dave Busters is 8.16 times more volatile than UNITEDHEALTH GROUP INC. It trades about -0.03 of its total potential returns per unit of risk. UNITEDHEALTH GROUP INC is currently generating about -0.01 per unit of volatility. If you would invest 9,566 in UNITEDHEALTH GROUP INC on October 21, 2024 and sell it today you would lose (96.00) from holding UNITEDHEALTH GROUP INC or give up 1.0% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 99.65% |
Values | Daily Returns |
Dave Busters Entertainment vs. UNITEDHEALTH GROUP INC
Performance |
Timeline |
Dave Busters Enterta |
UNITEDHEALTH GROUP INC |
Dave Busters and UNITEDHEALTH Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Dave Busters and UNITEDHEALTH
The main advantage of trading using opposite Dave Busters and UNITEDHEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dave Busters 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.Dave Busters vs. Imax Corp | Dave Busters vs. Marcus | Dave Busters vs. AMC Networks | Dave Busters vs. Cinemark Holdings |
UNITEDHEALTH vs. Sellas Life Sciences | UNITEDHEALTH vs. Acumen Pharmaceuticals | UNITEDHEALTH vs. Apogee Therapeutics, Common | UNITEDHEALTH vs. Genfit |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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