Correlation Between HUMANA and Adex Mining
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By analyzing existing cross correlation between HUMANA INC and Adex Mining, you can compare the effects of market volatilities on HUMANA and Adex Mining 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 Adex Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Adex Mining.
Diversification Opportunities for HUMANA and Adex Mining
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Adex is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Adex Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Adex Mining 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 Adex Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Adex Mining has no effect on the direction of HUMANA i.e., HUMANA and Adex Mining go up and down completely randomly.
Pair Corralation between HUMANA and Adex Mining
If you would invest 0.99 in Adex Mining on August 31, 2024 and sell it today you would earn a total of 0.00 from holding Adex Mining or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Adex Mining
Performance |
| Timeline |
| HUMANA INC |
| Adex Mining |
HUMANA and Adex Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Adex Mining
The main advantage of trading using opposite HUMANA and Adex Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Adex Mining 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 Adex Mining will offset losses from the drop in Adex Mining's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Adex Mining vs. South32 Limited | Adex Mining vs. NioCorp Developments Ltd | Adex Mining vs. HUMANA INC | Adex Mining 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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