Correlation Between HUMANA and Baylin Technologies
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By analyzing existing cross correlation between HUMANA INC and Baylin Technologies, you can compare the effects of market volatilities on HUMANA and Baylin Technologies 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 Baylin Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Baylin Technologies.
Diversification Opportunities for HUMANA and Baylin Technologies
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Baylin is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Baylin Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baylin Technologies 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 Baylin Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baylin Technologies has no effect on the direction of HUMANA i.e., HUMANA and Baylin Technologies go up and down completely randomly.
Pair Corralation between HUMANA and Baylin Technologies
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Baylin Technologies. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.99 times less risky than Baylin Technologies. The bond trades about -0.25 of its potential returns per unit of risk. The Baylin Technologies is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 34.00 in Baylin Technologies on August 27, 2024 and sell it today you would earn a total of 2.00 from holding Baylin Technologies or generate 5.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Baylin Technologies
Performance |
| Timeline |
| HUMANA INC |
| Baylin Technologies |
HUMANA and Baylin Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Baylin Technologies
The main advantage of trading using opposite HUMANA and Baylin Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Baylin Technologies 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 Baylin Technologies will offset losses from the drop in Baylin Technologies' long position.| HUMANA vs. Balchem | HUMANA vs. Stepan Company | HUMANA vs. Videolocity International | HUMANA vs. Luxfer Holdings PLC |
| Baylin Technologies vs. Boxlight Corp Class | Baylin Technologies vs. Siyata Mobile | Baylin Technologies vs. ClearOne | Baylin Technologies 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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