Correlation Between Goldman Sachs and HUMANA
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By analyzing existing cross correlation between Goldman Sachs Mlp and HUMANA INC, you can compare the effects of market volatilities on Goldman Sachs 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 Goldman Sachs with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goldman Sachs and HUMANA.
Diversification Opportunities for Goldman Sachs and HUMANA
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Goldman and HUMANA is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Goldman Sachs Mlp and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Goldman Sachs 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 Goldman Sachs Mlp 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 Goldman Sachs i.e., Goldman Sachs and HUMANA go up and down completely randomly.
Pair Corralation between Goldman Sachs and HUMANA
Assuming the 90 days horizon Goldman Sachs Mlp is expected to generate 1.21 times more return on investment than HUMANA. However, Goldman Sachs is 1.21 times more volatile than HUMANA INC. It trades about 0.47 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.07 per unit of risk. If you would invest 3,305 in Goldman Sachs Mlp on August 29, 2024 and sell it today you would earn a total of 285.00 from holding Goldman Sachs Mlp or generate 8.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 86.96% |
| Values | Daily Returns |
Goldman Sachs Mlp vs. HUMANA INC
Performance |
| Timeline |
| Goldman Sachs Mlp |
| HUMANA INC |
Goldman Sachs and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goldman Sachs and HUMANA
The main advantage of trading using opposite Goldman Sachs and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goldman Sachs 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.| Goldman Sachs vs. HUMANA INC | Goldman Sachs vs. Aquagold International | Goldman Sachs vs. Barloworld Ltd ADR | Goldman Sachs vs. Morningstar Unconstrained Allocation |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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