Correlation Between HUMANA and JNC Resources
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By analyzing existing cross correlation between HUMANA INC and JNC Resources, you can compare the effects of market volatilities on HUMANA and JNC Resources 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 JNC Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and JNC Resources.
Diversification Opportunities for HUMANA and JNC Resources
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and JNC is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and JNC Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JNC Resources 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 JNC Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JNC Resources has no effect on the direction of HUMANA i.e., HUMANA and JNC Resources go up and down completely randomly.
Pair Corralation between HUMANA and JNC Resources
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the JNC Resources. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 39.31 times less risky than JNC Resources. The bond trades about -0.19 of its potential returns per unit of risk. The JNC Resources is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 1.10 in JNC Resources on September 13, 2024 and sell it today you would earn a total of 0.60 from holding JNC Resources or generate 54.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. JNC Resources
Performance |
| Timeline |
| HUMANA INC |
| JNC Resources |
HUMANA and JNC Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and JNC Resources
The main advantage of trading using opposite HUMANA and JNC Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, JNC Resources 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 JNC Resources will offset losses from the drop in JNC Resources' long position.| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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