Correlation Between Friendable and HUMANA
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By analyzing existing cross correlation between Friendable and HUMANA INC, you can compare the effects of market volatilities on Friendable 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 Friendable with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Friendable and HUMANA.
Diversification Opportunities for Friendable and HUMANA
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Friendable and HUMANA is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Friendable and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Friendable 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 Friendable 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 Friendable i.e., Friendable and HUMANA go up and down completely randomly.
Pair Corralation between Friendable and HUMANA
If you would invest 0.01 in Friendable on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Friendable or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Friendable vs. HUMANA INC
Performance |
| Timeline |
| Friendable |
| HUMANA INC |
Friendable and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Friendable and HUMANA
The main advantage of trading using opposite Friendable and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Friendable 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.| Friendable vs. HUMANA INC | Friendable vs. SCOR PK | Friendable vs. Aquagold International | Friendable vs. Barloworld Ltd ADR |
| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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