Correlation Between HUMANA and Friendable
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By analyzing existing cross correlation between HUMANA INC and Friendable, you can compare the effects of market volatilities on HUMANA and Friendable 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 Friendable. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Friendable.
Diversification Opportunities for HUMANA and Friendable
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Friendable is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Friendable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Friendable 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 Friendable. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Friendable has no effect on the direction of HUMANA i.e., HUMANA and Friendable go up and down completely randomly.
Pair Corralation between HUMANA and Friendable
If you would invest 0.01 in Friendable on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Friendable or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Friendable
Performance |
| Timeline |
| HUMANA INC |
| Friendable |
HUMANA and Friendable Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Friendable
The main advantage of trading using opposite HUMANA and Friendable positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Friendable 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 Friendable will offset losses from the drop in Friendable's long position.| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
| Friendable vs. HUMANA INC | Friendable vs. SCOR PK | Friendable vs. Aquagold International | Friendable vs. Barloworld Ltd ADR |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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