Correlation Between China Sun and HUMANA
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By analyzing existing cross correlation between China Sun Grp and HUMANA INC, you can compare the effects of market volatilities on China Sun 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 China Sun with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Sun and HUMANA.
Diversification Opportunities for China Sun and HUMANA
Pay attention - limited upside
The 3 months correlation between China and HUMANA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding China Sun Grp and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and China Sun 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 China Sun Grp 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 China Sun i.e., China Sun and HUMANA go up and down completely randomly.
Pair Corralation between China Sun and HUMANA
Given the investment horizon of 90 days China Sun is expected to generate 4.64 times less return on investment than HUMANA. But when comparing it to its historical volatility, China Sun Grp is 1.96 times less risky than HUMANA. It trades about 0.03 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 8,074 in HUMANA INC on September 3, 2024 and sell it today you would lose (39.00) from holding HUMANA INC or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 93.93% |
| Values | Daily Returns |
China Sun Grp vs. HUMANA INC
Performance |
| Timeline |
| China Sun Grp |
| HUMANA INC |
China Sun and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Sun and HUMANA
The main advantage of trading using opposite China Sun and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Sun 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.| China Sun vs. Curtis Mathes Corp | China Sun vs. alpha En | China Sun vs. Ieh Corp | China Sun vs. Methode Electronics |
| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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