Correlation Between Gray Television and HUMANA
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By analyzing existing cross correlation between Gray Television and HUMANA INC, you can compare the effects of market volatilities on Gray Television 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 Gray Television with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gray Television and HUMANA.
Diversification Opportunities for Gray Television and HUMANA
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Gray and HUMANA is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Gray Television and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Gray Television 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 Gray Television 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 Gray Television i.e., Gray Television and HUMANA go up and down completely randomly.
Pair Corralation between Gray Television and HUMANA
Assuming the 90 days horizon Gray Television is expected to generate 44.4 times less return on investment than HUMANA. But when comparing it to its historical volatility, Gray Television is 15.08 times less risky than HUMANA. It trades about 0.03 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 8,145 in HUMANA INC on August 31, 2024 and sell it today you would lose (450.00) from holding HUMANA INC or give up 5.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.69% |
| Values | Daily Returns |
Gray Television vs. HUMANA INC
Performance |
| Timeline |
| Gray Television |
| HUMANA INC |
Gray Television and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gray Television and HUMANA
The main advantage of trading using opposite Gray Television and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gray Television 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.| Gray Television vs. HUMANA INC | Gray Television vs. Aquagold International | Gray Television vs. Barloworld Ltd ADR | Gray Television vs. Thrivent High Yield |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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