Correlation Between HUMANA and Newcore Gold
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By analyzing existing cross correlation between HUMANA INC and Newcore Gold, you can compare the effects of market volatilities on HUMANA and Newcore 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 Newcore Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Newcore Gold.
Diversification Opportunities for HUMANA and Newcore Gold
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HUMANA and Newcore is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Newcore Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Newcore Gold 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 Newcore Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Newcore Gold has no effect on the direction of HUMANA i.e., HUMANA and Newcore Gold go up and down completely randomly.
Pair Corralation between HUMANA and Newcore Gold
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Newcore Gold. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 5.37 times less risky than Newcore Gold. The bond trades about -0.16 of its potential returns per unit of risk. The Newcore Gold is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 21.00 in Newcore Gold on October 7, 2024 and sell it today you would earn a total of 1.00 from holding Newcore Gold or generate 4.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Newcore Gold
Performance |
| Timeline |
| HUMANA INC |
| Newcore Gold |
HUMANA and Newcore Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Newcore Gold
The main advantage of trading using opposite HUMANA and Newcore Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Newcore 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 Newcore Gold will offset losses from the drop in Newcore Gold's long position.| HUMANA vs. Todos Medical | HUMANA vs. Nuvalent | HUMANA vs. Tandem Diabetes Care | HUMANA vs. Aquestive Therapeutics |
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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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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