Correlation Between Pro Dex and HUMANA
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By analyzing existing cross correlation between Pro Dex and HUMANA INC, you can compare the effects of market volatilities on Pro Dex 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 Pro Dex with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pro Dex and HUMANA.
Diversification Opportunities for Pro Dex and HUMANA
Average diversification
The 3 months correlation between Pro and HUMANA is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Pro Dex and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Pro Dex 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 Pro Dex 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 Pro Dex i.e., Pro Dex and HUMANA go up and down completely randomly.
Pair Corralation between Pro Dex and HUMANA
Given the investment horizon of 90 days Pro Dex is expected to under-perform the HUMANA. In addition to that, Pro Dex is 6.38 times more volatile than HUMANA INC. It trades about -0.22 of its total potential returns per unit of risk. HUMANA INC is currently generating about -0.09 per unit of volatility. If you would invest 8,008 in HUMANA INC on November 18, 2024 and sell it today you would lose (109.00) from holding HUMANA INC or give up 1.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Pro Dex vs. HUMANA INC
Performance |
| Timeline |
| Pro Dex |
| HUMANA INC |
Pro Dex and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pro Dex and HUMANA
The main advantage of trading using opposite Pro Dex and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pro Dex 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.| Pro Dex vs. Coloplast A | Pro Dex vs. Straumann Holding AG | Pro Dex vs. Nephros | Pro Dex vs. InfuSystems Holdings |
| HUMANA vs. Park Electrochemical | HUMANA vs. Allied Gaming Entertainment | HUMANA vs. Aldel Financial II | HUMANA vs. Boyd Gaming |
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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