Correlation Between Quaint Oak and HUMANA
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By analyzing existing cross correlation between Quaint Oak Bancorp and HUMANA INC, you can compare the effects of market volatilities on Quaint Oak 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 Quaint Oak with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quaint Oak and HUMANA.
Diversification Opportunities for Quaint Oak and HUMANA
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Quaint and HUMANA is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Quaint Oak Bancorp and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Quaint Oak 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 Quaint Oak Bancorp 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 Quaint Oak i.e., Quaint Oak and HUMANA go up and down completely randomly.
Pair Corralation between Quaint Oak and HUMANA
Given the investment horizon of 90 days Quaint Oak Bancorp is expected to generate 1.29 times more return on investment than HUMANA. However, Quaint Oak is 1.29 times more volatile than HUMANA INC. It trades about 0.04 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.1 per unit of risk. If you would invest 1,056 in Quaint Oak Bancorp on December 1, 2024 and sell it today you would earn a total of 10.00 from holding Quaint Oak Bancorp or generate 0.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Quaint Oak Bancorp vs. HUMANA INC
Performance |
| Timeline |
| Quaint Oak Bancorp |
| HUMANA INC |
Quaint Oak and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quaint Oak and HUMANA
The main advantage of trading using opposite Quaint Oak and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quaint Oak 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.| Quaint Oak vs. Home Federal Bancorp | Quaint Oak vs. Community West Bancshares | Quaint Oak vs. Magyar Bancorp | Quaint Oak vs. IF Bancorp |
| HUMANA vs. Lululemon Athletica | HUMANA vs. Lithium Americas Corp | HUMANA vs. Cementos Pacasmayo SAA | HUMANA vs. Arhaus Inc |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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