Correlation Between 057224AK3 and GoHealth
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By analyzing existing cross correlation between BHI 6875 15 JAN 29 and GoHealth, you can compare the effects of market volatilities on 057224AK3 and GoHealth 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 057224AK3 with a short position of GoHealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of 057224AK3 and GoHealth.
Diversification Opportunities for 057224AK3 and GoHealth
Good diversification
The 3 months correlation between 057224AK3 and GoHealth is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding BHI 6875 15 JAN 29 and GoHealth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GoHealth and 057224AK3 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 BHI 6875 15 JAN 29 are associated (or correlated) with GoHealth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GoHealth has no effect on the direction of 057224AK3 i.e., 057224AK3 and GoHealth go up and down completely randomly.
Pair Corralation between 057224AK3 and GoHealth
Assuming the 90 days trading horizon BHI 6875 15 JAN 29 is expected to under-perform the GoHealth. But the bond apears to be less risky and, when comparing its historical volatility, BHI 6875 15 JAN 29 is 7.96 times less risky than GoHealth. The bond trades about -0.16 of its potential returns per unit of risk. The GoHealth is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 1,166 in GoHealth on September 25, 2024 and sell it today you would earn a total of 110.00 from holding GoHealth or generate 9.43% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 38.1% |
Values | Daily Returns |
BHI 6875 15 JAN 29 vs. GoHealth
Performance |
Timeline |
BHI 6875 15 |
GoHealth |
057224AK3 and GoHealth Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 057224AK3 and GoHealth
The main advantage of trading using opposite 057224AK3 and GoHealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 057224AK3 position performs unexpectedly, GoHealth 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 GoHealth will offset losses from the drop in GoHealth's long position.057224AK3 vs. John Wiley Sons | 057224AK3 vs. Ark Restaurants Corp | 057224AK3 vs. Biglari Holdings | 057224AK3 vs. Dalata Hotel Group |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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