Correlation Between Major League and HUMANA
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By analyzing existing cross correlation between Major League Football and HUMANA INC, you can compare the effects of market volatilities on Major League 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 Major League with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Major League and HUMANA.
Diversification Opportunities for Major League and HUMANA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Major and HUMANA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Major League Football and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Major League 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 Major League Football 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 Major League i.e., Major League and HUMANA go up and down completely randomly.
Pair Corralation between Major League and HUMANA
If you would invest 7,914 in HUMANA INC on August 29, 2024 and sell it today you would earn a total of 121.00 from holding HUMANA INC or generate 1.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 96.83% |
| Values | Daily Returns |
Major League Football vs. HUMANA INC
Performance |
| Timeline |
| Major League Football |
| HUMANA INC |
Major League and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Major League and HUMANA
The main advantage of trading using opposite Major League and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Major League 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.| Major League vs. Bank Rakyat | Major League vs. PT Bank Rakyat | Major League vs. Samsung Electronics Co | Major League vs. Bank Mandiri Persero |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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