Correlation Between HUMANA and K92 Mining
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By analyzing existing cross correlation between HUMANA INC and K92 Mining, you can compare the effects of market volatilities on HUMANA and K92 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 K92 Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and K92 Mining.
Diversification Opportunities for HUMANA and K92 Mining
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and K92 is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and K92 Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on K92 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 K92 Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of K92 Mining has no effect on the direction of HUMANA i.e., HUMANA and K92 Mining go up and down completely randomly.
Pair Corralation between HUMANA and K92 Mining
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.26 times more return on investment than K92 Mining. However, HUMANA INC is 3.9 times less risky than K92 Mining. It trades about -0.05 of its potential returns per unit of risk. K92 Mining is currently generating about -0.09 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 Against |
| Strength | Very Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
HUMANA INC vs. K92 Mining
Performance |
| Timeline |
| HUMANA INC |
| K92 Mining |
HUMANA and K92 Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and K92 Mining
The main advantage of trading using opposite HUMANA and K92 Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, K92 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 K92 Mining will offset losses from the drop in K92 Mining's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| K92 Mining vs. Advantage Solutions | K92 Mining vs. Atlas Corp | K92 Mining vs. PureCycle Technologies | K92 Mining vs. WM Technology |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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