Correlation Between HUMANA and Nutrition Management
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By analyzing existing cross correlation between HUMANA INC and Nutrition Management Services, you can compare the effects of market volatilities on HUMANA and Nutrition Management 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 Nutrition Management. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Nutrition Management.
Diversification Opportunities for HUMANA and Nutrition Management
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Nutrition is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Nutrition Management Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nutrition Management 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 Nutrition Management. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nutrition Management has no effect on the direction of HUMANA i.e., HUMANA and Nutrition Management go up and down completely randomly.
Pair Corralation between HUMANA and Nutrition Management
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.1 times more return on investment than Nutrition Management. However, HUMANA INC is 10.13 times less risky than Nutrition Management. It trades about 0.01 of its potential returns per unit of risk. Nutrition Management Services is currently generating about -0.06 per unit of risk. If you would invest 7,937 in HUMANA INC on September 4, 2024 and sell it today you would earn a total of 98.00 from holding HUMANA INC or generate 1.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 96.77% |
| Values | Daily Returns |
HUMANA INC vs. Nutrition Management Services
Performance |
| Timeline |
| HUMANA INC |
| Nutrition Management |
HUMANA and Nutrition Management Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Nutrition Management
The main advantage of trading using opposite HUMANA and Nutrition Management positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Nutrition Management 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 Nutrition Management will offset losses from the drop in Nutrition Management's long position.| HUMANA vs. Usio Inc | HUMANA vs. MACOM Technology Solutions | HUMANA vs. Amkor Technology | HUMANA vs. Analog Devices |
| Nutrition Management vs. TOMI Environmental Solutions | Nutrition Management vs. SCOR PK | Nutrition Management vs. HUMANA INC | Nutrition Management vs. Aquagold International |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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