Correlation Between HUMANA and Orosur Mining
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By analyzing existing cross correlation between HUMANA INC and Orosur Mining, you can compare the effects of market volatilities on HUMANA and Orosur Mining 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 Orosur Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Orosur Mining.
Diversification Opportunities for HUMANA and Orosur Mining
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Orosur is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Orosur Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Orosur Mining 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 Orosur Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Orosur Mining has no effect on the direction of HUMANA i.e., HUMANA and Orosur Mining go up and down completely randomly.
Pair Corralation between HUMANA and Orosur Mining
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Orosur Mining. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 187.07 times less risky than Orosur Mining. The bond trades about -0.18 of its potential returns per unit of risk. The Orosur Mining is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 0.10 in Orosur Mining on September 2, 2024 and sell it today you would earn a total of 2.60 from holding Orosur Mining or generate 2600.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Orosur Mining
Performance |
| Timeline |
| HUMANA INC |
| Orosur Mining |
HUMANA and Orosur Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Orosur Mining
The main advantage of trading using opposite HUMANA and Orosur Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Orosur Mining 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 Orosur Mining will offset losses from the drop in Orosur Mining's long position.The idea behind HUMANA INC and Orosur Mining 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.| Orosur Mining vs. ATRenew Inc DRC | Orosur Mining vs. Getty Realty | Orosur Mining vs. Diageo PLC ADR | Orosur Mining vs. Lululemon Athletica |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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