Correlation Between HUMANA and Grandeur Peak
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By analyzing existing cross correlation between HUMANA INC and Grandeur Peak Global, you can compare the effects of market volatilities on HUMANA and Grandeur Peak 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 Grandeur Peak. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Grandeur Peak.
Diversification Opportunities for HUMANA and Grandeur Peak
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Grandeur is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Grandeur Peak Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grandeur Peak Global 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 Grandeur Peak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grandeur Peak Global has no effect on the direction of HUMANA i.e., HUMANA and Grandeur Peak go up and down completely randomly.
Pair Corralation between HUMANA and Grandeur Peak
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Grandeur Peak. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.17 times less risky than Grandeur Peak. The bond trades about -0.04 of its potential returns per unit of risk. The Grandeur Peak Global is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,570 in Grandeur Peak Global on September 1, 2024 and sell it today you would earn a total of 89.00 from holding Grandeur Peak Global or generate 5.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.64% |
| Values | Daily Returns |
HUMANA INC vs. Grandeur Peak Global
Performance |
| Timeline |
| HUMANA INC |
| Grandeur Peak Global |
HUMANA and Grandeur Peak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Grandeur Peak
The main advantage of trading using opposite HUMANA and Grandeur Peak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Grandeur Peak 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 Grandeur Peak will offset losses from the drop in Grandeur Peak's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Grandeur Peak vs. Commonwealth Global Fund | Grandeur Peak vs. Omni Small Cap Value | Grandeur Peak vs. Volumetric Fund Volumetric | Grandeur Peak vs. Ab Value Fund |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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