Correlation Between FP Newspapers and HUMANA
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By analyzing existing cross correlation between FP Newspapers and HUMANA INC, you can compare the effects of market volatilities on FP Newspapers 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 FP Newspapers with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of FP Newspapers and HUMANA.
Diversification Opportunities for FP Newspapers and HUMANA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between FPNUF and HUMANA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding FP Newspapers and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and FP Newspapers 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 FP Newspapers 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 FP Newspapers i.e., FP Newspapers and HUMANA go up and down completely randomly.
Pair Corralation between FP Newspapers and HUMANA
If you would invest 61.00 in FP Newspapers on August 30, 2024 and sell it today you would earn a total of 0.00 from holding FP Newspapers or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 93.02% |
| Values | Daily Returns |
FP Newspapers vs. HUMANA INC
Performance |
| Timeline |
| FP Newspapers |
| HUMANA INC |
FP Newspapers and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FP Newspapers and HUMANA
The main advantage of trading using opposite FP Newspapers and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FP Newspapers 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.| FP Newspapers vs. Bank Rakyat | FP Newspapers vs. PT Bank Rakyat | FP Newspapers vs. Samsung Electronics Co | FP Newspapers vs. Bank Mandiri Persero |
| HUMANA vs. Brandywine Realty Trust | HUMANA vs. Celsius Holdings | HUMANA vs. Uber Technologies | HUMANA vs. PepsiCo |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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