Correlation Between HUMANA and Aya Gold
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By analyzing existing cross correlation between HUMANA INC and Aya Gold Silver, you can compare the effects of market volatilities on HUMANA and Aya Gold 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 Aya Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Aya Gold.
Diversification Opportunities for HUMANA and Aya Gold
Significant diversification
The 3 months correlation between HUMANA and Aya is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Aya Gold Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aya Gold Silver 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 Aya Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aya Gold Silver has no effect on the direction of HUMANA i.e., HUMANA and Aya Gold go up and down completely randomly.
Pair Corralation between HUMANA and Aya Gold
Assuming the 90 days trading horizon HUMANA INC is expected to generate 23.15 times more return on investment than Aya Gold. However, HUMANA is 23.15 times more volatile than Aya Gold Silver. It trades about 0.07 of its potential returns per unit of risk. Aya Gold Silver is currently generating about 0.04 per unit of risk. If you would invest 8,074 in HUMANA INC on September 3, 2024 and sell it today you would lose (39.00) from holding HUMANA INC or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. Aya Gold Silver
Performance |
| Timeline |
| HUMANA INC |
| Aya Gold Silver |
HUMANA and Aya Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Aya Gold
The main advantage of trading using opposite HUMANA and Aya Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Aya Gold 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 Aya Gold will offset losses from the drop in Aya Gold's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Aya Gold vs. Apollo Silver Corp | Aya Gold vs. Arizona Silver Exploration | Aya Gold vs. Guanajuato Silver | Aya Gold vs. Bald Eagle Gold |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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