Correlation Between HUMANA and ProConcept Marketing
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By analyzing existing cross correlation between HUMANA INC and ProConcept Marketing Group, you can compare the effects of market volatilities on HUMANA and ProConcept Marketing 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 ProConcept Marketing. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and ProConcept Marketing.
Diversification Opportunities for HUMANA and ProConcept Marketing
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and ProConcept is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and ProConcept Marketing Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ProConcept Marketing 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 ProConcept Marketing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProConcept Marketing has no effect on the direction of HUMANA i.e., HUMANA and ProConcept Marketing go up and down completely randomly.
Pair Corralation between HUMANA and ProConcept Marketing
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.14 times more return on investment than ProConcept Marketing. However, HUMANA INC is 7.19 times less risky than ProConcept Marketing. It trades about 0.25 of its potential returns per unit of risk. ProConcept Marketing Group is currently generating about -0.01 per unit of risk. If you would invest 7,944 in HUMANA INC on October 22, 2024 and sell it today you would earn a total of 500.00 from holding HUMANA INC or generate 6.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. ProConcept Marketing Group
Performance |
| Timeline |
| HUMANA INC |
| ProConcept Marketing |
HUMANA and ProConcept Marketing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and ProConcept Marketing
The main advantage of trading using opposite HUMANA and ProConcept Marketing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, ProConcept Marketing 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 ProConcept Marketing will offset losses from the drop in ProConcept Marketing's long position.| HUMANA vs. Regeneron Pharmaceuticals | HUMANA vs. BioNTech SE | HUMANA vs. Genfit | HUMANA vs. Exchange Bankshares |
| ProConcept Marketing vs. Cipher Mining | ProConcept Marketing vs. Terawulf | ProConcept Marketing vs. Iris Energy | ProConcept Marketing vs. Stronghold Digital Mining |
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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