Correlation Between HUMANA and Mexus Gold
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By analyzing existing cross correlation between HUMANA INC and Mexus Gold Us, you can compare the effects of market volatilities on HUMANA and Mexus Gold 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 Mexus Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Mexus Gold.
Diversification Opportunities for HUMANA and Mexus Gold
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Mexus is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Mexus Gold Us in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mexus Gold Us 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 Mexus Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mexus Gold Us has no effect on the direction of HUMANA i.e., HUMANA and Mexus Gold go up and down completely randomly.
Pair Corralation between HUMANA and Mexus Gold
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.06 times more return on investment than Mexus Gold. However, HUMANA INC is 17.19 times less risky than Mexus Gold. It trades about -0.21 of its potential returns per unit of risk. Mexus Gold Us is currently generating about -0.21 per unit of risk. If you would invest 8,088 in HUMANA INC on September 1, 2024 and sell it today you would lose (393.00) from holding HUMANA INC or give up 4.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Mexus Gold Us
Performance |
| Timeline |
| HUMANA INC |
| Mexus Gold Us |
HUMANA and Mexus Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Mexus Gold
The main advantage of trading using opposite HUMANA and Mexus Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Mexus Gold 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 Mexus Gold will offset losses from the drop in Mexus Gold's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Mexus Gold vs. South32 Limited | Mexus Gold vs. NioCorp Developments Ltd | Mexus Gold vs. HUMANA INC | Mexus Gold vs. SCOR PK |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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