Correlation Between Vita Coco and HUMANA
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By analyzing existing cross correlation between Vita Coco and HUMANA INC, you can compare the effects of market volatilities on Vita Coco and HUMANA 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 Vita Coco with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vita Coco and HUMANA.
Diversification Opportunities for Vita Coco and HUMANA
Pay attention - limited upside
The 3 months correlation between Vita and HUMANA is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Vita Coco and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Vita Coco 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 Vita Coco are associated (or correlated) with HUMANA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUMANA INC has no effect on the direction of Vita Coco i.e., Vita Coco and HUMANA go up and down completely randomly.
Pair Corralation between Vita Coco and HUMANA
Given the investment horizon of 90 days Vita Coco is expected to generate 4.77 times more return on investment than HUMANA. However, Vita Coco is 4.77 times more volatile than HUMANA INC. It trades about 0.07 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.06 per unit of risk. If you would invest 2,337 in Vita Coco on August 25, 2024 and sell it today you would earn a total of 1,275 from holding Vita Coco or generate 54.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.05% |
| Values | Daily Returns |
Vita Coco vs. HUMANA INC
Performance |
| Timeline |
| Vita Coco |
| HUMANA INC |
Vita Coco and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Vita Coco and HUMANA
The main advantage of trading using opposite Vita Coco and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vita Coco position performs unexpectedly, HUMANA 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 HUMANA will offset losses from the drop in HUMANA's long position.| Vita Coco vs. Coca Cola Femsa SAB | Vita Coco vs. Coca Cola European Partners | Vita Coco vs. Embotelladora Andina SA | Vita Coco vs. Monster Beverage Corp |
| HUMANA vs. Deluxe | HUMANA vs. Vita Coco | HUMANA vs. Willamette Valley Vineyards | HUMANA vs. Global E Online |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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