Correlation Between Mitsubishi Electric and HUMANA
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By analyzing existing cross correlation between Mitsubishi Electric Corp and HUMANA INC, you can compare the effects of market volatilities on Mitsubishi Electric 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 Mitsubishi Electric with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mitsubishi Electric and HUMANA.
Diversification Opportunities for Mitsubishi Electric and HUMANA
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mitsubishi and HUMANA is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Mitsubishi Electric Corp and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Mitsubishi Electric 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 Mitsubishi Electric Corp 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 Mitsubishi Electric i.e., Mitsubishi Electric and HUMANA go up and down completely randomly.
Pair Corralation between Mitsubishi Electric and HUMANA
Assuming the 90 days horizon Mitsubishi Electric Corp is expected to generate 1.38 times more return on investment than HUMANA. However, Mitsubishi Electric is 1.38 times more volatile than HUMANA INC. It trades about 0.0 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.19 per unit of risk. If you would invest 3,454 in Mitsubishi Electric Corp on September 13, 2024 and sell it today you would lose (13.00) from holding Mitsubishi Electric Corp or give up 0.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mitsubishi Electric Corp vs. HUMANA INC
Performance |
| Timeline |
| Mitsubishi Electric Corp |
| HUMANA INC |
Mitsubishi Electric and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mitsubishi Electric and HUMANA
The main advantage of trading using opposite Mitsubishi Electric and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mitsubishi Electric 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.| Mitsubishi Electric vs. Legrand SA ADR | Mitsubishi Electric vs. Powell Industries | Mitsubishi Electric vs. RF Industries | Mitsubishi Electric vs. Atkore International Group |
| 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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