Correlation Between HUMANA and Evertz Technologies
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Evertz Technologies Limited, you can compare the effects of market volatilities on HUMANA and Evertz Technologies 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 Evertz Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Evertz Technologies.
Diversification Opportunities for HUMANA and Evertz Technologies
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HUMANA and Evertz is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Evertz Technologies Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Evertz Technologies 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 Evertz Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Evertz Technologies has no effect on the direction of HUMANA i.e., HUMANA and Evertz Technologies go up and down completely randomly.
Pair Corralation between HUMANA and Evertz Technologies
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Evertz Technologies. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 4.54 times less risky than Evertz Technologies. The bond trades about -0.09 of its potential returns per unit of risk. The Evertz Technologies Limited is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 844.00 in Evertz Technologies Limited on November 18, 2024 and sell it today you would lose (2.00) from holding Evertz Technologies Limited or give up 0.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Evertz Technologies Limited
Performance |
| Timeline |
| HUMANA INC |
| Evertz Technologies |
HUMANA and Evertz Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Evertz Technologies
The main advantage of trading using opposite HUMANA and Evertz Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Evertz Technologies 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 Evertz Technologies will offset losses from the drop in Evertz Technologies' long position.| HUMANA vs. Park Electrochemical | HUMANA vs. Allied Gaming Entertainment | HUMANA vs. Aldel Financial II | HUMANA vs. Boyd Gaming |
| Evertz Technologies vs. Boxlight Corp Class | Evertz Technologies vs. Siyata Mobile | Evertz Technologies vs. ClearOne |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |