Correlation Between HUMANA and Osceola Gold
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By analyzing existing cross correlation between HUMANA INC and Osceola Gold, you can compare the effects of market volatilities on HUMANA and Osceola 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 Osceola Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Osceola Gold.
Diversification Opportunities for HUMANA and Osceola Gold
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Osceola is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Osceola Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Osceola 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 Osceola Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Osceola Gold has no effect on the direction of HUMANA i.e., HUMANA and Osceola Gold go up and down completely randomly.
Pair Corralation between HUMANA and Osceola Gold
Assuming the 90 days trading horizon HUMANA INC is expected to generate 3.6 times more return on investment than Osceola Gold. However, HUMANA is 3.6 times more volatile than Osceola Gold. It trades about 0.07 of its potential returns per unit of risk. Osceola Gold is currently generating about 0.08 per unit of risk. If you would invest 8,074 in HUMANA INC on September 3, 2024 and sell it today you would lose (39.00) from holding HUMANA INC or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. Osceola Gold
Performance |
| Timeline |
| HUMANA INC |
| Osceola Gold |
HUMANA and Osceola Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Osceola Gold
The main advantage of trading using opposite HUMANA and Osceola Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Osceola 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 Osceola Gold will offset losses from the drop in Osceola Gold's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Osceola Gold vs. Advantage Solutions | Osceola Gold vs. Atlas Corp | Osceola Gold vs. PureCycle Technologies | Osceola Gold vs. WM Technology |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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