Correlation Between HUMANA and Innoviz Technologies
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By analyzing existing cross correlation between HUMANA INC and Innoviz Technologies, you can compare the effects of market volatilities on HUMANA and Innoviz Technologies 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 Innoviz Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Innoviz Technologies.
Diversification Opportunities for HUMANA and Innoviz Technologies
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Innoviz is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Innoviz Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innoviz Technologies 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 Innoviz Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innoviz Technologies has no effect on the direction of HUMANA i.e., HUMANA and Innoviz Technologies go up and down completely randomly.
Pair Corralation between HUMANA and Innoviz Technologies
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Innoviz Technologies. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 24.86 times less risky than Innoviz Technologies. The bond trades about -0.21 of its potential returns per unit of risk. The Innoviz Technologies is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 4.88 in Innoviz Technologies on September 1, 2024 and sell it today you would earn a total of 4.67 from holding Innoviz Technologies or generate 95.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Innoviz Technologies
Performance |
| Timeline |
| HUMANA INC |
| Innoviz Technologies |
HUMANA and Innoviz Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Innoviz Technologies
The main advantage of trading using opposite HUMANA and Innoviz Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Innoviz Technologies 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 Innoviz Technologies will offset losses from the drop in Innoviz Technologies' long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Innoviz Technologies vs. Ouster Inc | Innoviz Technologies vs. Aeva Technologies, WT | Innoviz Technologies vs. Innoviz Technologies | Innoviz Technologies vs. EVgo Equity Warrants |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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