Correlation Between HUMANA and Altius Minerals
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By analyzing existing cross correlation between HUMANA INC and Altius Minerals, you can compare the effects of market volatilities on HUMANA and Altius Minerals 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 Altius Minerals. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Altius Minerals.
Diversification Opportunities for HUMANA and Altius Minerals
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Altius is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Altius Minerals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Altius Minerals 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 Altius Minerals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altius Minerals has no effect on the direction of HUMANA i.e., HUMANA and Altius Minerals go up and down completely randomly.
Pair Corralation between HUMANA and Altius Minerals
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Altius Minerals. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.81 times less risky than Altius Minerals. The bond trades about -0.21 of its potential returns per unit of risk. The Altius Minerals is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,888 in Altius Minerals on September 1, 2024 and sell it today you would earn a total of 7.00 from holding Altius Minerals or generate 0.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Altius Minerals
Performance |
| Timeline |
| HUMANA INC |
| Altius Minerals |
HUMANA and Altius Minerals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Altius Minerals
The main advantage of trading using opposite HUMANA and Altius Minerals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Altius Minerals 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 Altius Minerals will offset losses from the drop in Altius Minerals' long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Altius Minerals vs. South32 Limited | Altius Minerals vs. NioCorp Developments Ltd | Altius Minerals vs. HUMANA INC | Altius Minerals 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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