Correlation Between HUMANA and Kronos Advanced
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By analyzing existing cross correlation between HUMANA INC and Kronos Advanced Technologies, you can compare the effects of market volatilities on HUMANA and Kronos Advanced 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 Kronos Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Kronos Advanced.
Diversification Opportunities for HUMANA and Kronos Advanced
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between HUMANA and Kronos is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Kronos Advanced Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kronos Advanced Tech 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 Kronos Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kronos Advanced Tech has no effect on the direction of HUMANA i.e., HUMANA and Kronos Advanced go up and down completely randomly.
Pair Corralation between HUMANA and Kronos Advanced
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Kronos Advanced. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 11.99 times less risky than Kronos Advanced. The bond trades about -0.19 of its potential returns per unit of risk. The Kronos Advanced Technologies is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 0.64 in Kronos Advanced Technologies on September 13, 2024 and sell it today you would lose (0.04) from holding Kronos Advanced Technologies or give up 6.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Kronos Advanced Technologies
Performance |
| Timeline |
| HUMANA INC |
| Kronos Advanced Tech |
HUMANA and Kronos Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Kronos Advanced
The main advantage of trading using opposite HUMANA and Kronos Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Kronos Advanced 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 Kronos Advanced will offset losses from the drop in Kronos Advanced's long position.| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
| Kronos Advanced vs. TPT Global Tech | Kronos Advanced vs. TOMI Environmental Solutions | Kronos Advanced vs. Vystar Corp | Kronos Advanced vs. Alternet Systems |
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 CEOs Directory module to screen CEOs from public companies around the world.
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