Correlation Between Exchange Bankshares and HUMANA
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By analyzing existing cross correlation between Exchange Bankshares and HUMANA INC, you can compare the effects of market volatilities on Exchange Bankshares 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 Exchange Bankshares with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exchange Bankshares and HUMANA.
Diversification Opportunities for Exchange Bankshares and HUMANA
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Exchange and HUMANA is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Exchange Bankshares and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Exchange Bankshares 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 Exchange Bankshares 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 Exchange Bankshares i.e., Exchange Bankshares and HUMANA go up and down completely randomly.
Pair Corralation between Exchange Bankshares and HUMANA
If you would invest 7,970 in HUMANA INC on November 3, 2024 and sell it today you would earn a total of 474.00 from holding HUMANA INC or generate 5.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Exchange Bankshares vs. HUMANA INC
Performance |
| Timeline |
| Exchange Bankshares |
| HUMANA INC |
Exchange Bankshares and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exchange Bankshares and HUMANA
The main advantage of trading using opposite Exchange Bankshares and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exchange Bankshares 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.| Exchange Bankshares vs. First Community Financial | Exchange Bankshares vs. National Capital Bank | Exchange Bankshares vs. Oakworth Capital | Exchange Bankshares vs. Truxton |
| HUMANA vs. Teleflex Incorporated | HUMANA vs. Sonida Senior Living | HUMANA vs. Cheche Group Class | HUMANA vs. Datadog |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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