Correlation Between HUMANA and Goldman Sachs
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Goldman Sachs Mlp, you can compare the effects of market volatilities on HUMANA and Goldman Sachs 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 Goldman Sachs. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Goldman Sachs.
Diversification Opportunities for HUMANA and Goldman Sachs
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and GOLDMAN is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Goldman Sachs Mlp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goldman Sachs Mlp 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 Goldman Sachs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goldman Sachs Mlp has no effect on the direction of HUMANA i.e., HUMANA and Goldman Sachs go up and down completely randomly.
Pair Corralation between HUMANA and Goldman Sachs
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Goldman Sachs. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 3.02 times less risky than Goldman Sachs. The bond trades about -0.11 of its potential returns per unit of risk. The Goldman Sachs Mlp is currently generating about 0.5 of returns per unit of risk over similar time horizon. If you would invest 1,403 in Goldman Sachs Mlp on August 28, 2024 and sell it today you would earn a total of 204.00 from holding Goldman Sachs Mlp or generate 14.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
HUMANA INC vs. Goldman Sachs Mlp
Performance |
| Timeline |
| HUMANA INC |
| Goldman Sachs Mlp |
HUMANA and Goldman Sachs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Goldman Sachs
The main advantage of trading using opposite HUMANA and Goldman Sachs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Goldman Sachs 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 Goldman Sachs will offset losses from the drop in Goldman Sachs' long position.| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
| Goldman Sachs vs. Goldman Sachs Clean | Goldman Sachs vs. Goldman Sachs Clean | Goldman Sachs vs. Goldman Sachs Clean | Goldman Sachs vs. Goldman Sachs Clean |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |