Correlation Between HUMANA and GoGold Resources
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By analyzing existing cross correlation between HUMANA INC and GoGold Resources, you can compare the effects of market volatilities on HUMANA and GoGold Resources 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 GoGold Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and GoGold Resources.
Diversification Opportunities for HUMANA and GoGold Resources
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and GoGold is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and GoGold Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GoGold Resources 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 GoGold Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GoGold Resources has no effect on the direction of HUMANA i.e., HUMANA and GoGold Resources go up and down completely randomly.
Pair Corralation between HUMANA and GoGold Resources
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.42 times more return on investment than GoGold Resources. However, HUMANA INC is 2.39 times less risky than GoGold Resources. It trades about -0.21 of its potential returns per unit of risk. GoGold Resources is currently generating about -0.34 per unit of risk. If you would invest 8,088 in HUMANA INC on September 1, 2024 and sell it today you would lose (393.00) from holding HUMANA INC or give up 4.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. GoGold Resources
Performance |
| Timeline |
| HUMANA INC |
| GoGold Resources |
HUMANA and GoGold Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and GoGold Resources
The main advantage of trading using opposite HUMANA and GoGold Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, GoGold Resources 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 GoGold Resources will offset losses from the drop in GoGold Resources' long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| GoGold Resources vs. South32 Limited | GoGold Resources vs. NioCorp Developments Ltd | GoGold Resources vs. HUMANA INC | GoGold Resources vs. SCOR PK |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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