Correlation Between FitLife Brands, and HUMANA
Specify exactly 2 symbols:
By analyzing existing cross correlation between FitLife Brands, Common and HUMANA INC 395, you can compare the effects of market volatilities on FitLife Brands, 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 FitLife Brands, with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of FitLife Brands, and HUMANA.
Diversification Opportunities for FitLife Brands, and HUMANA
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between FitLife and HUMANA is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding FitLife Brands, Common and HUMANA INC 395 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC 5 and FitLife Brands, 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 FitLife Brands, Common 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 5 has no effect on the direction of FitLife Brands, i.e., FitLife Brands, and HUMANA go up and down completely randomly.
Pair Corralation between FitLife Brands, and HUMANA
Given the investment horizon of 90 days FitLife Brands, Common is expected to generate 8.65 times more return on investment than HUMANA. However, FitLife Brands, is 8.65 times more volatile than HUMANA INC 395. It trades about 0.13 of its potential returns per unit of risk. HUMANA INC 395 is currently generating about -0.05 per unit of risk. If you would invest 3,146 in FitLife Brands, Common on September 3, 2024 and sell it today you would earn a total of 227.00 from holding FitLife Brands, Common or generate 7.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
FitLife Brands, Common vs. HUMANA INC 395
Performance |
| Timeline |
| FitLife Brands, Common |
| HUMANA INC 5 |
FitLife Brands, and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FitLife Brands, and HUMANA
The main advantage of trading using opposite FitLife Brands, and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FitLife Brands, 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.| FitLife Brands, vs. Noble Romans | FitLife Brands, vs. Greystone Logistics | FitLife Brands, vs. Innovative Food Hldg | FitLife Brands, vs. Galaxy Gaming |
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.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |