UnitedHealth (UNH) vs Walmart (WMT)
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
Both UNH and WMT are essentially consumer-adjacent but with different drivers. UNH depends on healthcare utilization and managed care margins. WMT depends on consumer spending and trade-down behavior. The ratio reveals which component of defensive consumer-staples leadership is dominant.
Cross-Asset Analysis
To orient the reader: UnitedHealth (UNH) represents unitedHealth Group, healthcare sector bellwether, largest health insurer and Walmart (WMT) represents walmart Inc., consumer staples bellwether, defensive play, which is why this comparison sits in the peer pair category on Convex. Idiosyncratic events in a concentrated peer, such as a single mega-cap earnings miss inside UnitedHealth (UNH), can move the UnitedHealth (UNH)-Walmart (WMT) spread without broader factor signal. Structural changes inside UnitedHealth (UNH) or Walmart (WMT), such as index reconstitution or methodology shifts, can break historical spread relationships in discrete jumps.
Inside the Equity Stock universe, UnitedHealth (UNH) and Walmart (WMT) represent different flavors of the same underlying exposure. Interest rate cycles drive UnitedHealth (UNH) versus Walmart (WMT) relative performance through discount-rate sensitivity, with longer-duration exposures suffering more when rates rise. The UnitedHealth (UNH)-Walmart (WMT) spread captures the tilt between two variants of the same asset: one may be more defensive, one more cyclical.
Overlay strategies trade the UnitedHealth (UNH)-Walmart (WMT) spread through options or swaps when the underlying pair is directly tradable, sizing against realized spread volatility. Corporate action events, including buybacks or spin-offs affecting constituents of UnitedHealth (UNH) or Walmart (WMT), can distort the spread relative to its intended factor tilt.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between UnitedHealth (UNH) and Walmart (WMT)?+
UnitedHealth (UNH) and Walmart (WMT) are connected through shared asset class exposure with different factor tilts. When the underlying asset class shifts, both respond, though with different sensitivities and at different speeds. The spread between UnitedHealth (UNH) and Walmart (WMT) captures the specific macro signal that flows through this relationship.
When does UnitedHealth (UNH) typically lead Walmart (WMT)?+
UnitedHealth (UNH) tends to lead Walmart (WMT) during rotation episodes between the two factor exposures. In those periods, moves in UnitedHealth (UNH) precede corresponding moves in Walmart (WMT) by days to weeks, depending on the transmission channel and the depth of each market.
How are UnitedHealth (UNH) and Walmart (WMT) historically correlated?+
Long-run correlation between UnitedHealth (UNH) and Walmart (WMT) varies by regime. Peers in the same asset class are highly correlated in direction, with the spread reflecting factor tilts and rotation dynamics. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the UnitedHealth (UNH)-Walmart (WMT) relationship.
What macro conditions drive divergence between UnitedHealth (UNH) and Walmart (WMT)?+
Divergence between UnitedHealth (UNH) and Walmart (WMT) typically arises from index reconstitution, mega-cap earnings surprises, or liquidity differences between the peers. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in UnitedHealth (UNH) or Walmart (WMT).
Is UnitedHealth (UNH) a hedge for Walmart (WMT)?+
Peers like UnitedHealth (UNH) and Walmart (WMT) do not hedge each other; both rise or fall with the shared asset class, and using the pair as a spread trade is different from using it as a hedge. Effective hedging requires matching the hedge to the specific risk being protected, and the UnitedHealth (UNH)-Walmart (WMT) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.