Correlation Between HUMANA and Cgrowth Capital
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By analyzing existing cross correlation between HUMANA INC and Cgrowth Capital, you can compare the effects of market volatilities on HUMANA and Cgrowth Capital 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 Cgrowth Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Cgrowth Capital.
Diversification Opportunities for HUMANA and Cgrowth Capital
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Cgrowth is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Cgrowth Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cgrowth Capital 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 Cgrowth Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cgrowth Capital has no effect on the direction of HUMANA i.e., HUMANA and Cgrowth Capital go up and down completely randomly.
Pair Corralation between HUMANA and Cgrowth Capital
Assuming the 90 days trading horizon HUMANA is expected to generate 38.61 times less return on investment than Cgrowth Capital. But when comparing it to its historical volatility, HUMANA INC is 28.84 times less risky than Cgrowth Capital. It trades about 0.1 of its potential returns per unit of risk. Cgrowth Capital is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 0.30 in Cgrowth Capital on October 20, 2024 and sell it today you would earn a total of 0.04 from holding Cgrowth Capital or generate 13.33% 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. Cgrowth Capital
Performance |
| Timeline |
| HUMANA INC |
| Cgrowth Capital |
HUMANA and Cgrowth Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Cgrowth Capital
The main advantage of trading using opposite HUMANA and Cgrowth Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Cgrowth Capital 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 Cgrowth Capital will offset losses from the drop in Cgrowth Capital's long position.| HUMANA vs. Vantage Drilling International | HUMANA vs. Sable Offshore Corp | HUMANA vs. Noble plc | HUMANA vs. Drilling Tools International |
| Cgrowth Capital vs. Sound Energy plc | Cgrowth Capital vs. Energy Revenue Amer | Cgrowth Capital vs. Prairie Provident Resources | Cgrowth Capital vs. MMEX Resources Corp |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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