Correlation Between HUMANA and BQE Water
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and BQE Water, you can compare the effects of market volatilities on HUMANA and BQE Water 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 BQE Water. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and BQE Water.
Diversification Opportunities for HUMANA and BQE Water
Weak diversification
The 3 months correlation between HUMANA and BQE is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and BQE Water in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BQE Water 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 BQE Water. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BQE Water has no effect on the direction of HUMANA i.e., HUMANA and BQE Water go up and down completely randomly.
Pair Corralation between HUMANA and BQE Water
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the BQE Water. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 7.18 times less risky than BQE Water. The bond trades about -0.04 of its potential returns per unit of risk. The BQE Water is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 2,273 in BQE Water on September 14, 2024 and sell it today you would earn a total of 1,527 from holding BQE Water or generate 67.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 96.4% |
| Values | Daily Returns |
HUMANA INC vs. BQE Water
Performance |
| Timeline |
| HUMANA INC |
| BQE Water |
HUMANA and BQE Water Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and BQE Water
The main advantage of trading using opposite HUMANA and BQE Water positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, BQE Water 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 BQE Water will offset losses from the drop in BQE Water's long position.| HUMANA vs. Doubledown Interactive Co | HUMANA vs. Golden Matrix Group | HUMANA vs. Skechers USA | HUMANA vs. NetEase |
| BQE Water vs. JPX Global | BQE Water vs. Susglobal Energy Corp | BQE Water vs. Houston Natural Resources | BQE Water vs. Agilyx AS |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |