Correlation Between HUMANA and Mynaric AG
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By analyzing existing cross correlation between HUMANA INC and Mynaric AG ADR, you can compare the effects of market volatilities on HUMANA and Mynaric AG 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 Mynaric AG. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Mynaric AG.
Diversification Opportunities for HUMANA and Mynaric AG
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Mynaric is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Mynaric AG ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mynaric AG ADR 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 Mynaric AG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mynaric AG ADR has no effect on the direction of HUMANA i.e., HUMANA and Mynaric AG go up and down completely randomly.
Pair Corralation between HUMANA and Mynaric AG
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Mynaric AG. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 8.4 times less risky than Mynaric AG. The bond trades about -0.17 of its potential returns per unit of risk. The Mynaric AG ADR is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 96.00 in Mynaric AG ADR on August 28, 2024 and sell it today you would earn a total of 43.00 from holding Mynaric AG ADR or generate 44.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.41% |
| Values | Daily Returns |
HUMANA INC vs. Mynaric AG ADR
Performance |
| Timeline |
| HUMANA INC |
| Mynaric AG ADR |
HUMANA and Mynaric AG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Mynaric AG
The main advantage of trading using opposite HUMANA and Mynaric AG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Mynaric AG 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 Mynaric AG will offset losses from the drop in Mynaric AG's long position.| HUMANA vs. Ultra Clean Holdings | HUMANA vs. Dream Homes Development | HUMANA vs. JBG SMITH Properties | HUMANA vs. Allegheny Technologies Incorporated |
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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