Correlation Between HUMANA and First Physicians
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By analyzing existing cross correlation between HUMANA INC and First Physicians Capital, you can compare the effects of market volatilities on HUMANA and First Physicians 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 First Physicians. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and First Physicians.
Diversification Opportunities for HUMANA and First Physicians
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and First is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and First Physicians Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Physicians Capital 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 First Physicians. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Physicians Capital has no effect on the direction of HUMANA i.e., HUMANA and First Physicians go up and down completely randomly.
Pair Corralation between HUMANA and First Physicians
If you would invest 102,500 in First Physicians Capital on August 23, 2024 and sell it today you would earn a total of 0.00 from holding First Physicians Capital or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 91.3% |
| Values | Daily Returns |
HUMANA INC vs. First Physicians Capital
Performance |
| Timeline |
| HUMANA INC |
| First Physicians Capital |
HUMANA and First Physicians Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and First Physicians
The main advantage of trading using opposite HUMANA and First Physicians positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, First Physicians 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 First Physicians will offset losses from the drop in First Physicians' long position.| HUMANA vs. Western Digital | HUMANA vs. Arrow Electronics | HUMANA vs. Anheuser Busch Inbev | HUMANA vs. Keurig Dr Pepper |
| First Physicians vs. ABIVAX Socit Anonyme | First Physicians vs. SCOR PK | First Physicians vs. HUMANA INC | First Physicians 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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