Correlation Between Oppenheimer Intl and HUMANA
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By analyzing existing cross correlation between Oppenheimer Intl Small and HUMANA INC, you can compare the effects of market volatilities on Oppenheimer Intl 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 Oppenheimer Intl with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Intl and HUMANA.
Diversification Opportunities for Oppenheimer Intl and HUMANA
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oppenheimer and HUMANA is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Intl Small and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Oppenheimer Intl 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 Oppenheimer Intl Small 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 Oppenheimer Intl i.e., Oppenheimer Intl and HUMANA go up and down completely randomly.
Pair Corralation between Oppenheimer Intl and HUMANA
Assuming the 90 days horizon Oppenheimer Intl Small is expected to generate 1.11 times more return on investment than HUMANA. However, Oppenheimer Intl is 1.11 times more volatile than HUMANA INC. It trades about 0.01 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.05 per unit of risk. If you would invest 3,886 in Oppenheimer Intl Small on September 4, 2024 and sell it today you would earn a total of 2.00 from holding Oppenheimer Intl Small or generate 0.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
Oppenheimer Intl Small vs. HUMANA INC
Performance |
| Timeline |
| Oppenheimer Intl Small |
| HUMANA INC |
Oppenheimer Intl and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Intl and HUMANA
The main advantage of trading using opposite Oppenheimer Intl and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Intl 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.| Oppenheimer Intl vs. Us Government Securities | Oppenheimer Intl vs. Aig Government Money | Oppenheimer Intl vs. Dunham Porategovernment Bond | Oppenheimer Intl vs. John Hancock Government |
| HUMANA vs. Usio Inc | HUMANA vs. MACOM Technology Solutions | HUMANA vs. Amkor Technology | HUMANA vs. Analog Devices |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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