Correlation Between OFX Group and HUMANA
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By analyzing existing cross correlation between OFX Group Ltd and HUMANA INC, you can compare the effects of market volatilities on OFX Group 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 OFX Group with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of OFX Group and HUMANA.
Diversification Opportunities for OFX Group and HUMANA
Average diversification
The 3 months correlation between OFX and HUMANA is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding OFX Group Ltd and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and OFX Group 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 OFX Group Ltd 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 OFX Group i.e., OFX Group and HUMANA go up and down completely randomly.
Pair Corralation between OFX Group and HUMANA
Assuming the 90 days horizon OFX Group Ltd is expected to under-perform the HUMANA. But the pink sheet apears to be less risky and, when comparing its historical volatility, OFX Group Ltd is 19.89 times less risky than HUMANA. The pink sheet trades about -0.01 of its potential returns per unit of risk. The HUMANA INC is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 7,862 in HUMANA INC on September 24, 2024 and sell it today you would lose (167.00) from holding HUMANA INC or give up 2.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 94.57% |
| Values | Daily Returns |
OFX Group Ltd vs. HUMANA INC
Performance |
| Timeline |
| OFX Group |
| HUMANA INC |
OFX Group and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OFX Group and HUMANA
The main advantage of trading using opposite OFX Group and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OFX Group 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.| OFX Group vs. Watsco Inc | OFX Group vs. Fastenal Company | OFX Group vs. SiteOne Landscape Supply | OFX Group vs. Ferguson Plc |
| HUMANA vs. Abcellera Biologics | HUMANA vs. Centessa Pharmaceuticals PLC | HUMANA vs. Regeneron Pharmaceuticals | HUMANA vs. Catalyst Pharmaceuticals |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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