Correlation Between HUMANA and Axiologix
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By analyzing existing cross correlation between HUMANA INC and Axiologix, you can compare the effects of market volatilities on HUMANA and Axiologix 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 Axiologix. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Axiologix.
Diversification Opportunities for HUMANA and Axiologix
Pay attention - limited upside
The 3 months correlation between HUMANA and Axiologix is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Axiologix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axiologix 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 Axiologix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axiologix has no effect on the direction of HUMANA i.e., HUMANA and Axiologix go up and down completely randomly.
Pair Corralation between HUMANA and Axiologix
If you would invest 7,917 in HUMANA INC on August 31, 2024 and sell it today you would lose (222.00) from holding HUMANA INC or give up 2.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.32% |
| Values | Daily Returns |
HUMANA INC vs. Axiologix
Performance |
| Timeline |
| HUMANA INC |
| Axiologix |
HUMANA and Axiologix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Axiologix
The main advantage of trading using opposite HUMANA and Axiologix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Axiologix 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 Axiologix will offset losses from the drop in Axiologix's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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