Correlation Between HUMANA and AbraSilver Resource
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and AbraSilver Resource Corp, you can compare the effects of market volatilities on HUMANA and AbraSilver Resource 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 HUMANA with a short position of AbraSilver Resource. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and AbraSilver Resource.
Diversification Opportunities for HUMANA and AbraSilver Resource
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and AbraSilver is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and AbraSilver Resource Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AbraSilver Resource Corp and HUMANA 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 HUMANA INC are associated (or correlated) with AbraSilver Resource. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AbraSilver Resource Corp has no effect on the direction of HUMANA i.e., HUMANA and AbraSilver Resource go up and down completely randomly.
Pair Corralation between HUMANA and AbraSilver Resource
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.34 times more return on investment than AbraSilver Resource. However, HUMANA INC is 2.9 times less risky than AbraSilver Resource. It trades about -0.21 of its potential returns per unit of risk. AbraSilver Resource Corp is currently generating about -0.26 per unit of risk. If you would invest 8,090 in HUMANA INC on August 31, 2024 and sell it today you would lose (395.00) from holding HUMANA INC or give up 4.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. AbraSilver Resource Corp
Performance |
| Timeline |
| HUMANA INC |
| AbraSilver Resource Corp |
HUMANA and AbraSilver Resource Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and AbraSilver Resource
The main advantage of trading using opposite HUMANA and AbraSilver Resource positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, AbraSilver Resource 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 AbraSilver Resource will offset losses from the drop in AbraSilver Resource's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| AbraSilver Resource vs. Scottie Resources Corp | AbraSilver Resource vs. Defiance Silver Corp | AbraSilver Resource vs. HUMANA INC | AbraSilver Resource vs. SCOR PK |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Stocks Directory Find actively traded stocks across global markets | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |