Correlation Between HUMANA and Hall Of
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By analyzing existing cross correlation between HUMANA INC and Hall of Fame, you can compare the effects of market volatilities on HUMANA and Hall Of 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 Hall Of. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Hall Of.
Diversification Opportunities for HUMANA and Hall Of
Poor diversification
The 3 months correlation between HUMANA and Hall is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Hall of Fame in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hall of Fame 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 Hall Of. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hall of Fame has no effect on the direction of HUMANA i.e., HUMANA and Hall Of go up and down completely randomly.
Pair Corralation between HUMANA and Hall Of
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.1 times more return on investment than Hall Of. However, HUMANA INC is 9.86 times less risky than Hall Of. It trades about -0.25 of its potential returns per unit of risk. Hall of Fame is currently generating about -0.22 per unit of risk. If you would invest 8,111 in HUMANA INC on August 28, 2024 and sell it today you would lose (416.00) from holding HUMANA INC or give up 5.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Hall of Fame
Performance |
| Timeline |
| HUMANA INC |
| Hall of Fame |
HUMANA and Hall Of Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Hall Of
The main advantage of trading using opposite HUMANA and Hall Of positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Hall Of 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 Hall Of will offset losses from the drop in Hall Of's long position.| HUMANA vs. Ultra Clean Holdings | HUMANA vs. Dream Homes Development | HUMANA vs. JBG SMITH Properties | HUMANA vs. Allegheny Technologies Incorporated |
| Hall Of vs. American Picture House | Hall Of vs. Allied Gaming Entertainment | Hall Of vs. New Wave Holdings | Hall Of vs. Cineverse 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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