Correlation Between HUMANA and Kuya Silver
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By analyzing existing cross correlation between HUMANA INC and Kuya Silver, you can compare the effects of market volatilities on HUMANA and Kuya Silver 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 Kuya Silver. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Kuya Silver.
Diversification Opportunities for HUMANA and Kuya Silver
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and Kuya is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Kuya Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kuya Silver 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 Kuya Silver. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kuya Silver has no effect on the direction of HUMANA i.e., HUMANA and Kuya Silver go up and down completely randomly.
Pair Corralation between HUMANA and Kuya Silver
Assuming the 90 days trading horizon HUMANA is expected to generate 3.33 times less return on investment than Kuya Silver. But when comparing it to its historical volatility, HUMANA INC is 3.1 times less risky than Kuya Silver. It trades about 0.23 of its potential returns per unit of risk. Kuya Silver is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 18.00 in Kuya Silver on October 29, 2024 and sell it today you would earn a total of 3.00 from holding Kuya Silver or generate 16.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
HUMANA INC vs. Kuya Silver
Performance |
| Timeline |
| HUMANA INC |
| Kuya Silver |
HUMANA and Kuya Silver Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Kuya Silver
The main advantage of trading using opposite HUMANA and Kuya Silver positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Kuya Silver 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 Kuya Silver will offset losses from the drop in Kuya Silver's long position.| HUMANA vs. Willamette Valley Vineyards | HUMANA vs. RCI Hospitality Holdings | HUMANA vs. The Coca Cola | HUMANA vs. Flanigans Enterprises |
| Kuya Silver vs. Arizona Silver Exploration | Kuya Silver vs. Silver Hammer Mining | Kuya Silver vs. Dolly Varden Silver | Kuya Silver vs. Reyna Silver Corp |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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