Correlation Between Grizzly Short and HUMANA
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By analyzing existing cross correlation between Grizzly Short Fund and HUMANA INC, you can compare the effects of market volatilities on Grizzly Short 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 Grizzly Short with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grizzly Short and HUMANA.
Diversification Opportunities for Grizzly Short and HUMANA
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Grizzly and HUMANA is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Grizzly Short Fund and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Grizzly Short 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 Grizzly Short Fund 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 Grizzly Short i.e., Grizzly Short and HUMANA go up and down completely randomly.
Pair Corralation between Grizzly Short and HUMANA
Assuming the 90 days horizon Grizzly Short Fund is expected to generate 0.78 times more return on investment than HUMANA. However, Grizzly Short Fund is 1.28 times less risky than HUMANA. It trades about -0.18 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.16 per unit of risk. If you would invest 580.00 in Grizzly Short Fund on September 13, 2024 and sell it today you would lose (32.00) from holding Grizzly Short Fund or give up 5.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Grizzly Short Fund vs. HUMANA INC
Performance |
| Timeline |
| Grizzly Short |
| HUMANA INC |
Grizzly Short and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grizzly Short and HUMANA
The main advantage of trading using opposite Grizzly Short and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grizzly Short 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.| Grizzly Short vs. Wasatch Small Cap | Grizzly Short vs. Blackrock Sm Cap | Grizzly Short vs. Sentinel Small Pany | Grizzly Short vs. Jhancock Diversified Macro |
| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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