Correlation Between Mass Megawat and HUMANA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Mass Megawat Wind and HUMANA INC, you can compare the effects of market volatilities on Mass Megawat 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 Mass Megawat with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mass Megawat and HUMANA.
Diversification Opportunities for Mass Megawat and HUMANA
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Mass and HUMANA is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Mass Megawat Wind and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Mass Megawat 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 Mass Megawat Wind 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 Mass Megawat i.e., Mass Megawat and HUMANA go up and down completely randomly.
Pair Corralation between Mass Megawat and HUMANA
Given the investment horizon of 90 days Mass Megawat Wind is expected to generate 43.68 times more return on investment than HUMANA. However, Mass Megawat is 43.68 times more volatile than HUMANA INC. It trades about 0.15 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.18 per unit of risk. If you would invest 39.00 in Mass Megawat Wind on September 14, 2024 and sell it today you would lose (10.00) from holding Mass Megawat Wind or give up 25.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Mass Megawat Wind vs. HUMANA INC
Performance |
| Timeline |
| Mass Megawat Wind |
| HUMANA INC |
Mass Megawat and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mass Megawat and HUMANA
The main advantage of trading using opposite Mass Megawat and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mass Megawat 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.| Mass Megawat vs. Wind Works Power | Mass Megawat vs. Alternus Energy Group | Mass Megawat vs. Kansai Electric Power | Mass Megawat vs. Green Stream Holdings |
| HUMANA vs. Doubledown Interactive Co | HUMANA vs. Golden Matrix Group | HUMANA vs. Skechers USA | HUMANA vs. NetEase |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |