Correlation Between HUMANA and Glacier Media
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By analyzing existing cross correlation between HUMANA INC and Glacier Media, you can compare the effects of market volatilities on HUMANA and Glacier Media 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 Glacier Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Glacier Media.
Diversification Opportunities for HUMANA and Glacier Media
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Glacier is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Glacier Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glacier Media 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 Glacier Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glacier Media has no effect on the direction of HUMANA i.e., HUMANA and Glacier Media go up and down completely randomly.
Pair Corralation between HUMANA and Glacier Media
Assuming the 90 days trading horizon HUMANA INC is expected to generate 17.54 times more return on investment than Glacier Media. However, HUMANA is 17.54 times more volatile than Glacier Media. It trades about 0.08 of its potential returns per unit of risk. Glacier Media is currently generating about -0.01 per unit of risk. If you would invest 7,917 in HUMANA INC on August 31, 2024 and sell it today you would lose (222.00) from holding HUMANA INC or give up 2.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.32% |
| Values | Daily Returns |
HUMANA INC vs. Glacier Media
Performance |
| Timeline |
| HUMANA INC |
| Glacier Media |
HUMANA and Glacier Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Glacier Media
The main advantage of trading using opposite HUMANA and Glacier Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Glacier Media 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 Glacier Media will offset losses from the drop in Glacier Media's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Glacier Media vs. Gannett Co | Glacier Media vs. Dallasnews Corp | Glacier Media vs. Scholastic | Glacier Media vs. Pearson PLC 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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