Correlation Between HUMANA and North Springs
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By analyzing existing cross correlation between HUMANA INC and North Springs Resources, you can compare the effects of market volatilities on HUMANA and North Springs 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 North Springs. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and North Springs.
Diversification Opportunities for HUMANA and North Springs
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and North is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and North Springs Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on North Springs Resources 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 North Springs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of North Springs Resources has no effect on the direction of HUMANA i.e., HUMANA and North Springs go up and down completely randomly.
Pair Corralation between HUMANA and North Springs
If you would invest 8,012 in HUMANA INC on September 2, 2024 and sell it today you would lose (317.00) from holding HUMANA INC or give up 3.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 93.95% |
| Values | Daily Returns |
HUMANA INC vs. North Springs Resources
Performance |
| Timeline |
| HUMANA INC |
| North Springs Resources |
HUMANA and North Springs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and North Springs
The main advantage of trading using opposite HUMANA and North Springs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, North Springs 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 North Springs will offset losses from the drop in North Springs' long position.The idea behind HUMANA INC and North Springs Resources pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| North Springs vs. Virtual Medical International | North Springs vs. Grey Cloak Tech | North Springs vs. CuraScientific Corp | North Springs vs. Love Hemp Group |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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