Correlation Between HUMANA and Oblong
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By analyzing existing cross correlation between HUMANA INC and Oblong Inc, you can compare the effects of market volatilities on HUMANA and Oblong 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 Oblong. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Oblong.
Diversification Opportunities for HUMANA and Oblong
Good diversification
The 3 months correlation between HUMANA and Oblong is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Oblong Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oblong Inc 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 Oblong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oblong Inc has no effect on the direction of HUMANA i.e., HUMANA and Oblong go up and down completely randomly.
Pair Corralation between HUMANA and Oblong
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Oblong. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 5.94 times less risky than Oblong. The bond trades about -0.09 of its potential returns per unit of risk. The Oblong Inc is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 360.00 in Oblong Inc on November 18, 2024 and sell it today you would earn a total of 22.00 from holding Oblong Inc or generate 6.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Oblong Inc
Performance |
| Timeline |
| HUMANA INC |
| Oblong Inc |
HUMANA and Oblong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Oblong
The main advantage of trading using opposite HUMANA and Oblong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Oblong 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 Oblong will offset losses from the drop in Oblong's long position.| HUMANA vs. ioneer Ltd American | HUMANA vs. Griffon | HUMANA vs. Hurco Companies | HUMANA vs. Perseus Mining Limited |
| Oblong vs. Full Truck Alliance | Oblong vs. Kingsoft Cloud Holdings | Oblong vs. ePlus inc | Oblong vs. Infobird Co |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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