Correlation Between HUMANA and Bny Mellon
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By analyzing existing cross correlation between HUMANA INC and Bny Mellon Pennsylvania, you can compare the effects of market volatilities on HUMANA and Bny Mellon 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 Bny Mellon. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Bny Mellon.
Diversification Opportunities for HUMANA and Bny Mellon
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HUMANA and Bny is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Bny Mellon Pennsylvania in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bny Mellon Pennsylvania 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 Bny Mellon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bny Mellon Pennsylvania has no effect on the direction of HUMANA i.e., HUMANA and Bny Mellon go up and down completely randomly.
Pair Corralation between HUMANA and Bny Mellon
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Bny Mellon. In addition to that, HUMANA is 2.6 times more volatile than Bny Mellon Pennsylvania. It trades about -0.05 of its total potential returns per unit of risk. Bny Mellon Pennsylvania is currently generating about 0.18 per unit of volatility. If you would invest 1,150 in Bny Mellon Pennsylvania on September 4, 2024 and sell it today you would earn a total of 12.00 from holding Bny Mellon Pennsylvania or generate 1.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
HUMANA INC vs. Bny Mellon Pennsylvania
Performance |
| Timeline |
| HUMANA INC |
| Bny Mellon Pennsylvania |
HUMANA and Bny Mellon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Bny Mellon
The main advantage of trading using opposite HUMANA and Bny Mellon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Bny Mellon 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 Bny Mellon will offset losses from the drop in Bny Mellon's long position.| HUMANA vs. Usio Inc | HUMANA vs. MACOM Technology Solutions | HUMANA vs. Amkor Technology | HUMANA vs. Analog Devices |
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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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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