Correlation Between Vishay Intertechnology and UNITEDHEALTH
Specify exactly 2 symbols:
By analyzing existing cross correlation between Vishay Intertechnology and UNITEDHEALTH GROUP INC, you can compare the effects of market volatilities on Vishay Intertechnology 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 Vishay Intertechnology with a short position of UNITEDHEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vishay Intertechnology and UNITEDHEALTH.
Diversification Opportunities for Vishay Intertechnology and UNITEDHEALTH
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Vishay and UNITEDHEALTH is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Vishay Intertechnology 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 Vishay Intertechnology 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 Vishay Intertechnology 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 Vishay Intertechnology i.e., Vishay Intertechnology and UNITEDHEALTH go up and down completely randomly.
Pair Corralation between Vishay Intertechnology and UNITEDHEALTH
Considering the 90-day investment horizon Vishay Intertechnology is expected to generate 8.36 times more return on investment than UNITEDHEALTH. However, Vishay Intertechnology is 8.36 times more volatile than UNITEDHEALTH GROUP INC. It trades about 0.07 of its potential returns per unit of risk. UNITEDHEALTH GROUP INC is currently generating about -0.33 per unit of risk. If you would invest 1,704 in Vishay Intertechnology on September 25, 2024 and sell it today you would earn a total of 50.00 from holding Vishay Intertechnology or generate 2.93% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Vishay Intertechnology vs. UNITEDHEALTH GROUP INC
Performance |
Timeline |
Vishay Intertechnology |
UNITEDHEALTH GROUP INC |
Vishay Intertechnology and UNITEDHEALTH Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Vishay Intertechnology and UNITEDHEALTH
The main advantage of trading using opposite Vishay Intertechnology and UNITEDHEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vishay Intertechnology 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.Vishay Intertechnology vs. Rigetti Computing | Vishay Intertechnology vs. Quantum Computing | Vishay Intertechnology vs. IONQ Inc | Vishay Intertechnology vs. Quantum |
UNITEDHEALTH vs. Vishay Intertechnology | UNITEDHEALTH vs. Analog Devices | UNITEDHEALTH vs. Everspin Technologies | UNITEDHEALTH vs. Uber Technologies |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
CEOs Directory Screen CEOs from public companies around the world | |
Fundamental Analysis View fundamental data based on most recent published financial statements | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |