Correlation Between HUMANA and Aperam PK
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By analyzing existing cross correlation between HUMANA INC and Aperam PK, you can compare the effects of market volatilities on HUMANA and Aperam PK 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 Aperam PK. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Aperam PK.
Diversification Opportunities for HUMANA and Aperam PK
Very good diversification
The 3 months correlation between HUMANA and Aperam is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Aperam PK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aperam PK 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 Aperam PK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aperam PK has no effect on the direction of HUMANA i.e., HUMANA and Aperam PK go up and down completely randomly.
Pair Corralation between HUMANA and Aperam PK
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Aperam PK. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 2.78 times less risky than Aperam PK. The bond trades about -0.23 of its potential returns per unit of risk. The Aperam PK is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 2,900 in Aperam PK on August 24, 2024 and sell it today you would earn a total of 66.00 from holding Aperam PK or generate 2.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Aperam PK
Performance |
| Timeline |
| HUMANA INC |
| Aperam PK |
HUMANA and Aperam PK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Aperam PK
The main advantage of trading using opposite HUMANA and Aperam PK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Aperam PK 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 Aperam PK will offset losses from the drop in Aperam PK's long position.| HUMANA vs. Western Digital | HUMANA vs. Arrow Electronics | HUMANA vs. Anheuser Busch Inbev | HUMANA vs. Keurig Dr Pepper |
| Aperam PK vs. ArcelorMittal SA ADR | Aperam PK vs. Gerdau SA ADR | Aperam PK vs. POSCO Holdings | Aperam PK vs. HUMANA INC |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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