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
Weak diversification
The 3 months correlation between HUMANA and Hall is 0.39. 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 under-perform the Hall Of. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 28.76 times less risky than Hall Of. The bond trades about -0.21 of its potential returns per unit of risk. The Hall of Fame is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 0.93 in Hall of Fame on August 31, 2024 and sell it today you would lose (0.14) from holding Hall of Fame or give up 15.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| 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. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Hall Of vs. HUMANA INC | Hall Of vs. Aquagold International | Hall Of vs. Barloworld Ltd ADR | Hall Of vs. Thrivent High Yield |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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