Correlation Between HUMANA and Jaguar Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Jaguar Mining, you can compare the effects of market volatilities on HUMANA and Jaguar Mining 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 Jaguar Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Jaguar Mining.
Diversification Opportunities for HUMANA and Jaguar Mining
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Jaguar is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Jaguar Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jaguar Mining 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 Jaguar Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jaguar Mining has no effect on the direction of HUMANA i.e., HUMANA and Jaguar Mining go up and down completely randomly.
Pair Corralation between HUMANA and Jaguar Mining
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.18 times more return on investment than Jaguar Mining. However, HUMANA INC is 5.45 times less risky than Jaguar Mining. It trades about -0.05 of its potential returns per unit of risk. Jaguar Mining is currently generating about -0.17 per unit of risk. If you would invest 8,090 in HUMANA INC on September 3, 2024 and sell it today you would lose (55.00) from holding HUMANA INC or give up 0.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
HUMANA INC vs. Jaguar Mining
Performance |
| Timeline |
| HUMANA INC |
| Jaguar Mining |
HUMANA and Jaguar Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Jaguar Mining
The main advantage of trading using opposite HUMANA and Jaguar Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Jaguar Mining 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 Jaguar Mining will offset losses from the drop in Jaguar Mining's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Jaguar Mining vs. Sokoman Minerals Corp | Jaguar Mining vs. Irving Resources | Jaguar Mining vs. Lion One Metals | Jaguar Mining vs. Exploits Discovery 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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |