Correlation Between Oshidori International and HUMANA
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By analyzing existing cross correlation between Oshidori International Holdings and HUMANA INC, you can compare the effects of market volatilities on Oshidori International 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 Oshidori International with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oshidori International and HUMANA.
Diversification Opportunities for Oshidori International and HUMANA
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oshidori and HUMANA is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Oshidori International Holding and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Oshidori International 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 Oshidori International 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 Oshidori International i.e., Oshidori International and HUMANA go up and down completely randomly.
Pair Corralation between Oshidori International and HUMANA
Assuming the 90 days horizon Oshidori International Holdings is expected to generate 161.74 times more return on investment than HUMANA. However, Oshidori International is 161.74 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 -0.21 per unit of risk. If you would invest 0.07 in Oshidori International Holdings on August 31, 2024 and sell it today you would earn a total of 0.93 from holding Oshidori International Holdings or generate 1328.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.73% |
| Values | Daily Returns |
Oshidori International Holding vs. HUMANA INC
Performance |
| Timeline |
| Oshidori International |
| HUMANA INC |
Oshidori International and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oshidori International and HUMANA
The main advantage of trading using opposite Oshidori International and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oshidori International 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.| Oshidori International vs. Morgan Stanley | Oshidori International vs. Goldman Sachs Group | Oshidori International vs. HUMANA INC | Oshidori International vs. SCOR PK |
| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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