Correlation Between HUMANA and Clarity Gold
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By analyzing existing cross correlation between HUMANA INC and Clarity Gold Corp, you can compare the effects of market volatilities on HUMANA and Clarity Gold 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 Clarity Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Clarity Gold.
Diversification Opportunities for HUMANA and Clarity Gold
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HUMANA and Clarity is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Clarity Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clarity Gold Corp 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 Clarity Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clarity Gold Corp has no effect on the direction of HUMANA i.e., HUMANA and Clarity Gold go up and down completely randomly.
Pair Corralation between HUMANA and Clarity Gold
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Clarity Gold. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 18.69 times less risky than Clarity Gold. The bond trades about -0.04 of its potential returns per unit of risk. The Clarity Gold Corp is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 3.60 in Clarity Gold Corp on September 14, 2024 and sell it today you would lose (2.00) from holding Clarity Gold Corp or give up 55.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 97.18% |
| Values | Daily Returns |
HUMANA INC vs. Clarity Gold Corp
Performance |
| Timeline |
| HUMANA INC |
| Clarity Gold Corp |
HUMANA and Clarity Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Clarity Gold
The main advantage of trading using opposite HUMANA and Clarity Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Clarity Gold 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 Clarity Gold will offset losses from the drop in Clarity Gold's long position.| HUMANA vs. Doubledown Interactive Co | HUMANA vs. Golden Matrix Group | HUMANA vs. Skechers USA | HUMANA vs. NetEase |
| Clarity Gold vs. Revival Gold | Clarity Gold vs. Galiano Gold | Clarity Gold vs. US Gold Corp | Clarity Gold 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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