Correlation Between Sparta Capital and HUMANA
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By analyzing existing cross correlation between Sparta Capital and HUMANA INC, you can compare the effects of market volatilities on Sparta Capital 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 Sparta Capital with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sparta Capital and HUMANA.
Diversification Opportunities for Sparta Capital and HUMANA
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Sparta and HUMANA is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Sparta Capital and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Sparta Capital 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 Sparta Capital 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 Sparta Capital i.e., Sparta Capital and HUMANA go up and down completely randomly.
Pair Corralation between Sparta Capital and HUMANA
If you would invest 8,080 in HUMANA INC on November 4, 2024 and sell it today you would earn a total of 364.00 from holding HUMANA INC or generate 4.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
Sparta Capital vs. HUMANA INC
Performance |
| Timeline |
| Sparta Capital |
| HUMANA INC |
Sparta Capital and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sparta Capital and HUMANA
The main advantage of trading using opposite Sparta Capital and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sparta Capital 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.| Sparta Capital vs. Zurn Elkay Water | Sparta Capital vs. Federal Signal | Sparta Capital vs. Energy Recovery | Sparta Capital vs. CECO Environmental Corp |
| HUMANA vs. Treasury Wine Estates | HUMANA vs. Two Harbors Investments | HUMANA vs. PepsiCo | HUMANA vs. PennantPark Investment |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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