Correlation Between HUMANA and Thruvision Group
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By analyzing existing cross correlation between HUMANA INC and Thruvision Group plc, you can compare the effects of market volatilities on HUMANA and Thruvision Group 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 Thruvision Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Thruvision Group.
Diversification Opportunities for HUMANA and Thruvision Group
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Thruvision is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Thruvision Group plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thruvision Group plc 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 Thruvision Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thruvision Group plc has no effect on the direction of HUMANA i.e., HUMANA and Thruvision Group go up and down completely randomly.
Pair Corralation between HUMANA and Thruvision Group
If you would invest 22.00 in Thruvision Group plc on September 2, 2024 and sell it today you would earn a total of 0.00 from holding Thruvision Group plc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Thruvision Group plc
Performance |
| Timeline |
| HUMANA INC |
| Thruvision Group plc |
HUMANA and Thruvision Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Thruvision Group
The main advantage of trading using opposite HUMANA and Thruvision Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Thruvision Group 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 Thruvision Group will offset losses from the drop in Thruvision Group's long position.The idea behind HUMANA INC and Thruvision Group plc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Thruvision Group vs. Allegion PLC | Thruvision Group vs. MSA Safety | Thruvision Group vs. HUMANA INC | Thruvision Group vs. Aquagold International |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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