Correlation Between Honey Badger and HUMANA
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By analyzing existing cross correlation between Honey Badger Silver and HUMANA INC, you can compare the effects of market volatilities on Honey Badger 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 Honey Badger with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Honey Badger and HUMANA.
Diversification Opportunities for Honey Badger and HUMANA
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Honey and HUMANA is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Honey Badger Silver and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Honey Badger 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 Honey Badger Silver 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 Honey Badger i.e., Honey Badger and HUMANA go up and down completely randomly.
Pair Corralation between Honey Badger and HUMANA
Assuming the 90 days horizon Honey Badger Silver is expected to generate 16.11 times more return on investment than HUMANA. However, Honey Badger is 16.11 times more volatile than HUMANA INC. It trades about 0.06 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.01 per unit of risk. If you would invest 6.05 in Honey Badger Silver on September 4, 2024 and sell it today you would earn a total of 2.30 from holding Honey Badger Silver or generate 38.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 96.37% |
| Values | Daily Returns |
Honey Badger Silver vs. HUMANA INC
Performance |
| Timeline |
| Honey Badger Silver |
| HUMANA INC |
Honey Badger and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Honey Badger and HUMANA
The main advantage of trading using opposite Honey Badger and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Honey Badger 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.| Honey Badger vs. Cartier Iron Corp | Honey Badger vs. Arctic Star Exploration | Honey Badger vs. Capella Minerals Limited | Honey Badger vs. Denarius Silver Corp |
| HUMANA vs. Usio Inc | HUMANA vs. MACOM Technology Solutions | HUMANA vs. Amkor Technology | HUMANA vs. Analog Devices |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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