Correlation Between HUMANA and Juniata Valley
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By analyzing existing cross correlation between HUMANA INC and Juniata Valley Financial, you can compare the effects of market volatilities on HUMANA and Juniata Valley 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 Juniata Valley. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Juniata Valley.
Diversification Opportunities for HUMANA and Juniata Valley
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Juniata is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Juniata Valley Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juniata Valley 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 Juniata Valley. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juniata Valley Financial has no effect on the direction of HUMANA i.e., HUMANA and Juniata Valley go up and down completely randomly.
Pair Corralation between HUMANA and Juniata Valley
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Juniata Valley. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 2.0 times less risky than Juniata Valley. The bond trades about -0.21 of its potential returns per unit of risk. The Juniata Valley Financial is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 1,226 in Juniata Valley Financial on September 1, 2024 and sell it today you would earn a total of 124.00 from holding Juniata Valley Financial or generate 10.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Juniata Valley Financial
Performance |
| Timeline |
| HUMANA INC |
| Juniata Valley Financial |
HUMANA and Juniata Valley Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Juniata Valley
The main advantage of trading using opposite HUMANA and Juniata Valley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Juniata Valley 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 Juniata Valley will offset losses from the drop in Juniata Valley's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Juniata Valley vs. HUMANA INC | Juniata Valley vs. SCOR PK | Juniata Valley vs. Aquagold International | Juniata Valley vs. Thrivent High Yield |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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