Correlation Between Pacific Green and HUMANA
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By analyzing existing cross correlation between Pacific Green Technologies and HUMANA INC, you can compare the effects of market volatilities on Pacific Green 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 Pacific Green with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pacific Green and HUMANA.
Diversification Opportunities for Pacific Green and HUMANA
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Pacific and HUMANA is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Pacific Green Technologies and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Pacific Green 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 Pacific Green Technologies 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 Pacific Green i.e., Pacific Green and HUMANA go up and down completely randomly.
Pair Corralation between Pacific Green and HUMANA
Given the investment horizon of 90 days Pacific Green is expected to generate 13.57 times less return on investment than HUMANA. But when comparing it to its historical volatility, Pacific Green Technologies is 6.53 times less risky than HUMANA. It trades about 0.03 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 7,840 in HUMANA INC on September 14, 2024 and sell it today you would lose (145.00) from holding HUMANA INC or give up 1.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.13% |
| Values | Daily Returns |
Pacific Green Technologies vs. HUMANA INC
Performance |
| Timeline |
| Pacific Green Techno |
| HUMANA INC |
Pacific Green and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pacific Green and HUMANA
The main advantage of trading using opposite Pacific Green and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pacific Green 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.| Pacific Green vs. HUMANA INC | Pacific Green vs. Barloworld Ltd ADR | Pacific Green vs. Morningstar Unconstrained Allocation | Pacific Green vs. Thrivent High Yield |
| 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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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