Correlation Between HUMANA and Dmg Blockchain
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By analyzing existing cross correlation between HUMANA INC and Dmg Blockchain Solutions, you can compare the effects of market volatilities on HUMANA and Dmg Blockchain 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 Dmg Blockchain. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Dmg Blockchain.
Diversification Opportunities for HUMANA and Dmg Blockchain
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Dmg is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Dmg Blockchain Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dmg Blockchain Solutions 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 Dmg Blockchain. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dmg Blockchain Solutions has no effect on the direction of HUMANA i.e., HUMANA and Dmg Blockchain go up and down completely randomly.
Pair Corralation between HUMANA and Dmg Blockchain
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Dmg Blockchain. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 9.93 times less risky than Dmg Blockchain. The bond trades about -0.02 of its potential returns per unit of risk. The Dmg Blockchain Solutions is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 31.00 in Dmg Blockchain Solutions on September 2, 2024 and sell it today you would earn a total of 0.00 from holding Dmg Blockchain Solutions or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.58% |
| Values | Daily Returns |
HUMANA INC vs. Dmg Blockchain Solutions
Performance |
| Timeline |
| HUMANA INC |
| Dmg Blockchain Solutions |
HUMANA and Dmg Blockchain Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Dmg Blockchain
The main advantage of trading using opposite HUMANA and Dmg Blockchain positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Dmg Blockchain 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 Dmg Blockchain will offset losses from the drop in Dmg Blockchain's long position.The idea behind HUMANA INC and Dmg Blockchain Solutions 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.| Dmg Blockchain vs. Morgan Stanley | Dmg Blockchain vs. Goldman Sachs Group | Dmg Blockchain vs. HUMANA INC | Dmg Blockchain vs. SCOR PK |
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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