Correlation Between HUMANA and Argo Blockchain
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By analyzing existing cross correlation between HUMANA INC and Argo Blockchain PLC, you can compare the effects of market volatilities on HUMANA and Argo Blockchain 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 Argo Blockchain. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Argo Blockchain.
Diversification Opportunities for HUMANA and Argo Blockchain
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and Argo is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Argo Blockchain PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Argo Blockchain PLC 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 Argo Blockchain. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Argo Blockchain PLC has no effect on the direction of HUMANA i.e., HUMANA and Argo Blockchain go up and down completely randomly.
Pair Corralation between HUMANA and Argo Blockchain
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Argo Blockchain. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 12.92 times less risky than Argo Blockchain. The bond trades about -0.04 of its potential returns per unit of risk. The Argo Blockchain PLC is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 15.00 in Argo Blockchain PLC on September 1, 2024 and sell it today you would lose (4.00) from holding Argo Blockchain PLC or give up 26.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.41% |
| Values | Daily Returns |
HUMANA INC vs. Argo Blockchain PLC
Performance |
| Timeline |
| HUMANA INC |
| Argo Blockchain PLC |
HUMANA and Argo Blockchain Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Argo Blockchain
The main advantage of trading using opposite HUMANA and Argo Blockchain positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Argo Blockchain 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 Argo Blockchain will offset losses from the drop in Argo Blockchain's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Argo Blockchain vs. Morgan Stanley | Argo Blockchain vs. Goldman Sachs Group | Argo Blockchain vs. HUMANA INC | Argo Blockchain 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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