Correlation Between Fobi AI and HUMANA
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By analyzing existing cross correlation between Fobi AI and HUMANA INC, you can compare the effects of market volatilities on Fobi AI 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 Fobi AI with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fobi AI and HUMANA.
Diversification Opportunities for Fobi AI and HUMANA
Modest diversification
The 3 months correlation between Fobi and HUMANA is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Fobi AI and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Fobi AI 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 Fobi AI 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 Fobi AI i.e., Fobi AI and HUMANA go up and down completely randomly.
Pair Corralation between Fobi AI and HUMANA
If you would invest 4.00 in Fobi AI on October 1, 2024 and sell it today you would earn a total of 0.00 from holding Fobi AI or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 90.48% |
Values | Daily Returns |
Fobi AI vs. HUMANA INC
Performance |
Timeline |
Fobi AI |
HUMANA INC |
Fobi AI and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Fobi AI and HUMANA
The main advantage of trading using opposite Fobi AI and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fobi AI 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.Fobi AI vs. iShares Canadian HYBrid | Fobi AI vs. Altagas Cum Red | Fobi AI vs. European Residential Real | Fobi AI vs. iShares Fundamental Hedged |
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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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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