Correlation Analysis Between Universal Health and XU100

This module allows you to analyze existing cross correlation between Universal Health Services and XU100. You can compare the effects of market volatilities on Universal Health and XU100 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 Universal Health with a short position of XU100. See also your portfolio center. Please also check ongoing floating volatility patterns of Universal Health and XU100.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

Universal Health Services Inc  vs.  XU100

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Universal Health is expected to generate 5.05 times less return on investment than XU100. But when comparing it to its historical volatility, Universal Health Services is 1.07 times less risky than XU100. It trades about 0.04 of its potential returns per unit of risk. XU100 is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest  10,177,429  in XU100 on February 17, 2019 and sell it today you would earn a total of  282,037  from holding XU100 or generate 2.77% return on investment over 30 days.

Pair Corralation between Universal Health and XU100

-0.06
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy27.5%
ValuesDaily Returns

Diversification Opportunities for Universal Health and XU100

Universal Health Services Inc diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Universal Health Services Inc and XU100 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on XU100 and Universal Health 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 Universal Health Services are associated (or correlated) with XU100. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XU100 has no effect on the direction of Universal Health i.e. Universal Health and XU100 go up and down completely randomly.
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