Correlation Between HUMANA and Bear Creek
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By analyzing existing cross correlation between HUMANA INC and Bear Creek Mining, you can compare the effects of market volatilities on HUMANA and Bear Creek 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 Bear Creek. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Bear Creek.
Diversification Opportunities for HUMANA and Bear Creek
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Bear is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Bear Creek Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bear Creek Mining 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 Bear Creek. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bear Creek Mining has no effect on the direction of HUMANA i.e., HUMANA and Bear Creek go up and down completely randomly.
Pair Corralation between HUMANA and Bear Creek
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.14 times more return on investment than Bear Creek. However, HUMANA INC is 7.1 times less risky than Bear Creek. It trades about -0.21 of its potential returns per unit of risk. Bear Creek Mining is currently generating about -0.1 per unit of risk. If you would invest 8,088 in HUMANA INC on September 1, 2024 and sell it today you would lose (393.00) from holding HUMANA INC or give up 4.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Bear Creek Mining
Performance |
| Timeline |
| HUMANA INC |
| Bear Creek Mining |
HUMANA and Bear Creek Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Bear Creek
The main advantage of trading using opposite HUMANA and Bear Creek positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Bear Creek 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 Bear Creek will offset losses from the drop in Bear Creek's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Bear Creek vs. South32 Limited | Bear Creek vs. NioCorp Developments Ltd | Bear Creek vs. HUMANA INC | Bear Creek 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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