Correlation Between Salon City and HUMANA
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By analyzing existing cross correlation between Salon City and HUMANA INC, you can compare the effects of market volatilities on Salon City 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 Salon City with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Salon City and HUMANA.
Diversification Opportunities for Salon City and HUMANA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Salon and HUMANA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Salon City and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Salon City 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 Salon City 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 Salon City i.e., Salon City and HUMANA go up and down completely randomly.
Pair Corralation between Salon City and HUMANA
If you would invest 8,145 in HUMANA INC on August 31, 2024 and sell it today you would lose (450.00) from holding HUMANA INC or give up 5.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.69% |
| Values | Daily Returns |
Salon City vs. HUMANA INC
Performance |
| Timeline |
| Salon City |
| HUMANA INC |
Salon City and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Salon City and HUMANA
The main advantage of trading using opposite Salon City and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Salon City 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.| Salon City vs. HUMANA INC | Salon City vs. Aquagold International | Salon City vs. Barloworld Ltd ADR | Salon City vs. Thrivent High Yield |
| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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