Correlation Between HUMANA and Lionsgate Studios
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By analyzing existing cross correlation between HUMANA INC and Lionsgate Studios Corp, you can compare the effects of market volatilities on HUMANA and Lionsgate Studios 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 Lionsgate Studios. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Lionsgate Studios.
Diversification Opportunities for HUMANA and Lionsgate Studios
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between HUMANA and Lionsgate is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Lionsgate Studios Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lionsgate Studios Corp 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 Lionsgate Studios. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lionsgate Studios Corp has no effect on the direction of HUMANA i.e., HUMANA and Lionsgate Studios go up and down completely randomly.
Pair Corralation between HUMANA and Lionsgate Studios
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Lionsgate Studios. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 5.58 times less risky than Lionsgate Studios. The bond trades about -0.15 of its potential returns per unit of risk. The Lionsgate Studios Corp is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 666.00 in Lionsgate Studios Corp on August 26, 2024 and sell it today you would earn a total of 43.00 from holding Lionsgate Studios Corp or generate 6.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Lionsgate Studios Corp
Performance |
| Timeline |
| HUMANA INC |
| Lionsgate Studios Corp |
HUMANA and Lionsgate Studios Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Lionsgate Studios
The main advantage of trading using opposite HUMANA and Lionsgate Studios positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Lionsgate Studios 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 Lionsgate Studios will offset losses from the drop in Lionsgate Studios' long position.| HUMANA vs. Balchem | HUMANA vs. Stepan Company | HUMANA vs. Videolocity International | HUMANA vs. Luxfer Holdings PLC |
| Lionsgate Studios vs. Weyco Group | Lionsgate Studios vs. Inter Parfums | Lionsgate Studios vs. Vera Bradley | Lionsgate Studios vs. Eastern Co |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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