Correlation Between HUMANA and Grande Portage
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Grande Portage Resources, you can compare the effects of market volatilities on HUMANA and Grande Portage 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 Grande Portage. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Grande Portage.
Diversification Opportunities for HUMANA and Grande Portage
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Grande is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Grande Portage Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grande Portage 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 Grande Portage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grande Portage Resources has no effect on the direction of HUMANA i.e., HUMANA and Grande Portage go up and down completely randomly.
Pair Corralation between HUMANA and Grande Portage
Assuming the 90 days trading horizon HUMANA INC is expected to generate 11.51 times more return on investment than Grande Portage. However, HUMANA is 11.51 times more volatile than Grande Portage Resources. It trades about 0.07 of its potential returns per unit of risk. Grande Portage Resources is currently generating about 0.04 per unit of risk. If you would invest 8,074 in HUMANA INC on September 3, 2024 and sell it today you would lose (39.00) from holding HUMANA INC or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. Grande Portage Resources
Performance |
| Timeline |
| HUMANA INC |
| Grande Portage Resources |
HUMANA and Grande Portage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Grande Portage
The main advantage of trading using opposite HUMANA and Grande Portage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Grande Portage 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 Grande Portage will offset losses from the drop in Grande Portage's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Grande Portage vs. Puma Exploration | Grande Portage vs. Sixty North Gold | Grande Portage vs. Red Pine Exploration | Grande Portage vs. Altamira Gold Corp |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |