Correlation Between SPI Energy and HUMANA
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By analyzing existing cross correlation between SPI Energy Co and HUMANA INC, you can compare the effects of market volatilities on SPI Energy 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 SPI Energy with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPI Energy and HUMANA.
Diversification Opportunities for SPI Energy and HUMANA
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between SPI and HUMANA is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding SPI Energy Co and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and SPI Energy 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 SPI Energy 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 SPI Energy i.e., SPI Energy and HUMANA go up and down completely randomly.
Pair Corralation between SPI Energy and HUMANA
Considering the 90-day investment horizon SPI Energy Co is expected to under-perform the HUMANA. In addition to that, SPI Energy is 13.5 times more volatile than HUMANA INC. It trades about -0.2 of its total potential returns per unit of risk. HUMANA INC is currently generating about -0.08 per unit of volatility. If you would invest 8,100 in HUMANA INC on August 24, 2024 and sell it today you would lose (65.00) from holding HUMANA INC or give up 0.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 86.96% |
| Values | Daily Returns |
SPI Energy Co vs. HUMANA INC
Performance |
| Timeline |
| SPI Energy |
| HUMANA INC |
SPI Energy and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPI Energy and HUMANA
The main advantage of trading using opposite SPI Energy and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPI Energy 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.| SPI Energy vs. Ascent Solar Technologies, | SPI Energy vs. Emeren Group | SPI Energy vs. Sunrun Inc | SPI Energy vs. Sunnova Energy International |
| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth Holdings |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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