Correlation Between Sabre Gold and HUMANA
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By analyzing existing cross correlation between Sabre Gold Mines and HUMANA INC, you can compare the effects of market volatilities on Sabre Gold 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 Sabre Gold with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sabre Gold and HUMANA.
Diversification Opportunities for Sabre Gold and HUMANA
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sabre and HUMANA is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Sabre Gold Mines and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Sabre Gold 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 Sabre Gold Mines 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 Sabre Gold i.e., Sabre Gold and HUMANA go up and down completely randomly.
Pair Corralation between Sabre Gold and HUMANA
Assuming the 90 days horizon Sabre Gold Mines is expected to generate 5.37 times more return on investment than HUMANA. However, Sabre Gold is 5.37 times more volatile than HUMANA INC. It trades about -0.02 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.18 per unit of risk. If you would invest 16.00 in Sabre Gold Mines on September 2, 2024 and sell it today you would lose (1.00) from holding Sabre Gold Mines or give up 6.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Sabre Gold Mines vs. HUMANA INC
Performance |
| Timeline |
| Sabre Gold Mines |
| HUMANA INC |
Sabre Gold and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sabre Gold and HUMANA
The main advantage of trading using opposite Sabre Gold and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sabre Gold 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.| Sabre Gold vs. HUMANA INC | Sabre Gold vs. Aquagold International | Sabre Gold vs. Barloworld Ltd ADR | Sabre Gold vs. Thrivent High Yield |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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