Correlation Between HUMANA and Intact Financial
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Intact Financial, you can compare the effects of market volatilities on HUMANA and Intact Financial 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 Intact Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Intact Financial.
Diversification Opportunities for HUMANA and Intact Financial
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between HUMANA and Intact is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Intact Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intact Financial 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 Intact Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intact Financial has no effect on the direction of HUMANA i.e., HUMANA and Intact Financial go up and down completely randomly.
Pair Corralation between HUMANA and Intact Financial
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.34 times more return on investment than Intact Financial. However, HUMANA INC is 2.97 times less risky than Intact Financial. It trades about 0.27 of its potential returns per unit of risk. Intact Financial is currently generating about -0.03 per unit of risk. If you would invest 7,890 in HUMANA INC on October 21, 2024 and sell it today you would earn a total of 554.00 from holding HUMANA INC or generate 7.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
HUMANA INC vs. Intact Financial
Performance |
| Timeline |
| HUMANA INC |
| Intact Financial |
HUMANA and Intact Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Intact Financial
The main advantage of trading using opposite HUMANA and Intact Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Intact Financial 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 Intact Financial will offset losses from the drop in Intact Financial's long position.| HUMANA vs. Vantage Drilling International | HUMANA vs. Sable Offshore Corp | HUMANA vs. Noble plc | HUMANA vs. Drilling Tools International |
| Intact Financial vs. Electronic Arts | Intact Financial vs. Nintendo Co ADR | Intact Financial vs. Roblox Corp | Intact Financial vs. NetEase |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |