Correlation Between HUMANA and Jadeart
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By analyzing existing cross correlation between HUMANA INC and Jadeart Group, you can compare the effects of market volatilities on HUMANA and Jadeart 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 Jadeart. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Jadeart.
Diversification Opportunities for HUMANA and Jadeart
Very weak diversification
The 3 months correlation between HUMANA and Jadeart is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Jadeart Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jadeart Group 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 Jadeart. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jadeart Group has no effect on the direction of HUMANA i.e., HUMANA and Jadeart go up and down completely randomly.
Pair Corralation between HUMANA and Jadeart
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Jadeart. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 74.9 times less risky than Jadeart. The bond trades about -0.15 of its potential returns per unit of risk. The Jadeart Group is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 0.24 in Jadeart Group on August 26, 2024 and sell it today you would earn a total of 0.11 from holding Jadeart Group or generate 45.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Jadeart Group
Performance |
| Timeline |
| HUMANA INC |
| Jadeart Group |
HUMANA and Jadeart Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Jadeart
The main advantage of trading using opposite HUMANA and Jadeart positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Jadeart 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 Jadeart will offset losses from the drop in Jadeart's long position.| HUMANA vs. Balchem | HUMANA vs. Stepan Company | HUMANA vs. Videolocity International | HUMANA vs. Luxfer Holdings PLC |
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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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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