Correlation Between HUMANA and Bilibili
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By analyzing existing cross correlation between HUMANA INC and Bilibili, you can compare the effects of market volatilities on HUMANA and Bilibili 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 Bilibili. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Bilibili.
Diversification Opportunities for HUMANA and Bilibili
Very good diversification
The 3 months correlation between HUMANA and Bilibili is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Bilibili in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bilibili 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 Bilibili. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bilibili has no effect on the direction of HUMANA i.e., HUMANA and Bilibili go up and down completely randomly.
Pair Corralation between HUMANA and Bilibili
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.31 times more return on investment than Bilibili. However, HUMANA INC is 3.25 times less risky than Bilibili. It trades about -0.16 of its potential returns per unit of risk. Bilibili is currently generating about -0.12 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 | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Bilibili
Performance |
| Timeline |
| HUMANA INC |
| Bilibili |
HUMANA and Bilibili Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Bilibili
The main advantage of trading using opposite HUMANA and Bilibili positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Bilibili 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 Bilibili will offset losses from the drop in Bilibili's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Bilibili vs. Electronic Arts | Bilibili vs. Take Two Interactive Software | Bilibili vs. SohuCom | Bilibili vs. Skillz Platform |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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