Correlation Between HUMANA and Mako Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Mako Mining Corp, you can compare the effects of market volatilities on HUMANA and Mako 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 Mako Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Mako Mining.
Diversification Opportunities for HUMANA and Mako Mining
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between HUMANA and Mako is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Mako Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mako Mining 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 Mako Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mako Mining Corp has no effect on the direction of HUMANA i.e., HUMANA and Mako Mining go up and down completely randomly.
Pair Corralation between HUMANA and Mako Mining
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Mako Mining. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 2.33 times less risky than Mako Mining. The bond trades about -0.11 of its potential returns per unit of risk. The Mako Mining Corp is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 270.00 in Mako Mining Corp on December 6, 2024 and sell it today you would earn a total of 7.00 from holding Mako Mining Corp or generate 2.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Mako Mining Corp
Performance |
| Timeline |
| HUMANA INC |
| Mako Mining Corp |
HUMANA and Mako Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Mako Mining
The main advantage of trading using opposite HUMANA and Mako Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Mako 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 Mako Mining will offset losses from the drop in Mako Mining's long position.| HUMANA vs. The Joint Corp | HUMANA vs. Avadel Pharmaceuticals PLC | HUMANA vs. Frontier Group Holdings | HUMANA vs. Delta Air Lines |
| Mako Mining vs. Labrador Gold Corp | Mako Mining vs. Exploits Discovery Corp | Mako Mining vs. Puma Exploration | Mako Mining vs. White Gold 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |