Correlation Between Sino Land and HUMANA
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By analyzing existing cross correlation between Sino Land Co and HUMANA INC, you can compare the effects of market volatilities on Sino Land 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 Sino Land with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sino Land and HUMANA.
Diversification Opportunities for Sino Land and HUMANA
Good diversification
The 3 months correlation between Sino and HUMANA is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Sino Land Co and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Sino Land 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 Sino Land Co 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 Sino Land i.e., Sino Land and HUMANA go up and down completely randomly.
Pair Corralation between Sino Land and HUMANA
Assuming the 90 days horizon Sino Land Co is expected to generate 1.54 times more return on investment than HUMANA. However, Sino Land is 1.54 times more volatile than HUMANA INC. It trades about 0.01 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.21 per unit of risk. If you would invest 507.00 in Sino Land Co on August 31, 2024 and sell it today you would earn a total of 1.00 from holding Sino Land Co or generate 0.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Sino Land Co vs. HUMANA INC
Performance |
| Timeline |
| Sino Land |
| HUMANA INC |
Sino Land and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sino Land and HUMANA
The main advantage of trading using opposite Sino Land and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sino Land 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.| Sino Land vs. HUMANA INC | Sino Land vs. SCOR PK | Sino Land vs. Aquagold International | Sino Land 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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