Correlation Between HUMANA and Eventide Exponential
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By analyzing existing cross correlation between HUMANA INC and Eventide Exponential Technologies, you can compare the effects of market volatilities on HUMANA and Eventide Exponential 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 Eventide Exponential. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Eventide Exponential.
Diversification Opportunities for HUMANA and Eventide Exponential
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Eventide is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Eventide Exponential Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eventide Exponential 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 Eventide Exponential. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eventide Exponential has no effect on the direction of HUMANA i.e., HUMANA and Eventide Exponential go up and down completely randomly.
Pair Corralation between HUMANA and Eventide Exponential
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Eventide Exponential. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.06 times less risky than Eventide Exponential. The bond trades about -0.16 of its potential returns per unit of risk. The Eventide Exponential Technologies is currently generating about 0.35 of returns per unit of risk over similar time horizon. If you would invest 1,200 in Eventide Exponential Technologies on September 1, 2024 and sell it today you would earn a total of 152.00 from holding Eventide Exponential Technologies or generate 12.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Eventide Exponential Technolog
Performance |
| Timeline |
| HUMANA INC |
| Eventide Exponential |
HUMANA and Eventide Exponential Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Eventide Exponential
The main advantage of trading using opposite HUMANA and Eventide Exponential positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Eventide Exponential 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 Eventide Exponential will offset losses from the drop in Eventide Exponential's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Eventide Exponential vs. Touchstone Large Cap | Eventide Exponential vs. Jhancock Disciplined Value | Eventide Exponential vs. Qs Large Cap | Eventide Exponential vs. Legg Mason Bw |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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