Correlation Between HUMANA and BlockchainK2 Corp
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By analyzing existing cross correlation between HUMANA INC and BlockchainK2 Corp, you can compare the effects of market volatilities on HUMANA and BlockchainK2 Corp 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 BlockchainK2 Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and BlockchainK2 Corp.
Diversification Opportunities for HUMANA and BlockchainK2 Corp
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HUMANA and BlockchainK2 is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and BlockchainK2 Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BlockchainK2 Corp 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 BlockchainK2 Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BlockchainK2 Corp has no effect on the direction of HUMANA i.e., HUMANA and BlockchainK2 Corp go up and down completely randomly.
Pair Corralation between HUMANA and BlockchainK2 Corp
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.07 times more return on investment than BlockchainK2 Corp. However, HUMANA INC is 13.75 times less risky than BlockchainK2 Corp. It trades about 0.02 of its potential returns per unit of risk. BlockchainK2 Corp is currently generating about -0.07 per unit of risk. If you would invest 7,898 in HUMANA INC on September 3, 2024 and sell it today you would earn a total of 137.00 from holding HUMANA INC or generate 1.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 96.99% |
| Values | Daily Returns |
HUMANA INC vs. BlockchainK2 Corp
Performance |
| Timeline |
| HUMANA INC |
| BlockchainK2 Corp |
HUMANA and BlockchainK2 Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and BlockchainK2 Corp
The main advantage of trading using opposite HUMANA and BlockchainK2 Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, BlockchainK2 Corp 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 BlockchainK2 Corp will offset losses from the drop in BlockchainK2 Corp's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| BlockchainK2 Corp vs. Eline Entertainment Group | BlockchainK2 Corp vs. Green Leaf Innovations | BlockchainK2 Corp vs. Plandai Biotech | BlockchainK2 Corp vs. All American Gld |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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