Correlation Between HUMANA and Global X
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By analyzing existing cross correlation between HUMANA INC and Global X Robotics, you can compare the effects of market volatilities on HUMANA and Global X 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 Global X. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Global X.
Diversification Opportunities for HUMANA and Global X
Excellent diversification
The 3 months correlation between HUMANA and Global is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Global X Robotics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global X Robotics 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 Global X. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global X Robotics has no effect on the direction of HUMANA i.e., HUMANA and Global X go up and down completely randomly.
Pair Corralation between HUMANA and Global X
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Global X. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.66 times less risky than Global X. The bond trades about -0.06 of its potential returns per unit of risk. The Global X Robotics is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 3,240 in Global X Robotics on August 30, 2024 and sell it today you would earn a total of 54.00 from holding Global X Robotics or generate 1.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 82.61% |
| Values | Daily Returns |
HUMANA INC vs. Global X Robotics
Performance |
| Timeline |
| HUMANA INC |
| Global X Robotics |
HUMANA and Global X Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Global X
The main advantage of trading using opposite HUMANA and Global X positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Global X 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 Global X will offset losses from the drop in Global X's long position.| HUMANA vs. Brandywine Realty Trust | HUMANA vs. Celsius Holdings | HUMANA vs. Uber Technologies | HUMANA vs. PepsiCo |
| Global X vs. Global X FinTech | Global X vs. iShares Genomics Immunology | Global X vs. ABIVAX Socit Anonyme | Global X vs. HUMANA INC |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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