Correlation Between HUMANA and Kura Sushi
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By analyzing existing cross correlation between HUMANA INC and Kura Sushi USA, you can compare the effects of market volatilities on HUMANA and Kura Sushi 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 Kura Sushi. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Kura Sushi.
Diversification Opportunities for HUMANA and Kura Sushi
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Kura is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Kura Sushi USA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kura Sushi USA 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 Kura Sushi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kura Sushi USA has no effect on the direction of HUMANA i.e., HUMANA and Kura Sushi go up and down completely randomly.
Pair Corralation between HUMANA and Kura Sushi
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Kura Sushi. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 6.84 times less risky than Kura Sushi. The bond trades about -0.06 of its potential returns per unit of risk. The Kura Sushi USA is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 10,285 in Kura Sushi USA on August 30, 2024 and sell it today you would earn a total of 285.00 from holding Kura Sushi USA or generate 2.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
HUMANA INC vs. Kura Sushi USA
Performance |
| Timeline |
| HUMANA INC |
| Kura Sushi USA |
HUMANA and Kura Sushi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Kura Sushi
The main advantage of trading using opposite HUMANA and Kura Sushi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Kura Sushi 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 Kura Sushi will offset losses from the drop in Kura Sushi's long position.| HUMANA vs. Brandywine Realty Trust | HUMANA vs. Celsius Holdings | HUMANA vs. Uber Technologies | HUMANA vs. PepsiCo |
| Kura Sushi vs. Brinker International | Kura Sushi vs. Dennys Corp | Kura Sushi vs. Bloomin Brands | Kura Sushi vs. Jack In The |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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