Correlation Between Hellenic Telecommunicatio and HUMANA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hellenic Telecommunications Org and HUMANA INC, you can compare the effects of market volatilities on Hellenic Telecommunicatio 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 Hellenic Telecommunicatio with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hellenic Telecommunicatio and HUMANA.
Diversification Opportunities for Hellenic Telecommunicatio and HUMANA
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hellenic and HUMANA is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Hellenic Telecommunications Or and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Hellenic Telecommunicatio 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 Hellenic Telecommunications Org 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 Hellenic Telecommunicatio i.e., Hellenic Telecommunicatio and HUMANA go up and down completely randomly.
Pair Corralation between Hellenic Telecommunicatio and HUMANA
Assuming the 90 days horizon Hellenic Telecommunications Org is expected to under-perform the HUMANA. In addition to that, Hellenic Telecommunicatio is 3.4 times more volatile than HUMANA INC. It trades about -0.13 of its total potential returns per unit of risk. HUMANA INC is currently generating about -0.07 per unit of volatility. If you would invest 8,111 in HUMANA INC on August 28, 2024 and sell it today you would lose (76.00) from holding HUMANA INC or give up 0.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Hellenic Telecommunications Or vs. HUMANA INC
Performance |
| Timeline |
| Hellenic Telecommunicatio |
| HUMANA INC |
Hellenic Telecommunicatio and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hellenic Telecommunicatio and HUMANA
The main advantage of trading using opposite Hellenic Telecommunicatio and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hellenic Telecommunicatio 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.| Hellenic Telecommunicatio vs. HUMANA INC | Hellenic Telecommunicatio vs. SCOR PK | Hellenic Telecommunicatio vs. Aquagold International | Hellenic Telecommunicatio vs. Barloworld Ltd ADR |
| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |