Correlation Between Jardine Matheson and HUMANA
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By analyzing existing cross correlation between Jardine Matheson Holdings and HUMANA INC, you can compare the effects of market volatilities on Jardine Matheson 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 Jardine Matheson with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jardine Matheson and HUMANA.
Diversification Opportunities for Jardine Matheson and HUMANA
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jardine and HUMANA is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Jardine Matheson Holdings and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Jardine Matheson 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 Jardine Matheson Holdings 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 Jardine Matheson i.e., Jardine Matheson and HUMANA go up and down completely randomly.
Pair Corralation between Jardine Matheson and HUMANA
Assuming the 90 days horizon Jardine Matheson Holdings is expected to generate 2.24 times more return on investment than HUMANA. However, Jardine Matheson is 2.24 times more volatile than HUMANA INC. It trades about 0.02 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.0 per unit of risk. If you would invest 4,213 in Jardine Matheson Holdings on September 12, 2024 and sell it today you would earn a total of 230.00 from holding Jardine Matheson Holdings or generate 5.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.88% |
| Values | Daily Returns |
Jardine Matheson Holdings vs. HUMANA INC
Performance |
| Timeline |
| Jardine Matheson Holdings |
| HUMANA INC |
Jardine Matheson and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jardine Matheson and HUMANA
The main advantage of trading using opposite Jardine Matheson and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jardine Matheson 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.| Jardine Matheson vs. HUMANA INC | Jardine Matheson vs. Barloworld Ltd ADR | Jardine Matheson vs. Morningstar Unconstrained Allocation | Jardine Matheson vs. Thrivent High Yield |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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