Correlation Between HUMANA and OneSoft Solutions
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By analyzing existing cross correlation between HUMANA INC and OneSoft Solutions, you can compare the effects of market volatilities on HUMANA and OneSoft Solutions 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 OneSoft Solutions. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and OneSoft Solutions.
Diversification Opportunities for HUMANA and OneSoft Solutions
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and OneSoft is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and OneSoft Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OneSoft Solutions 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 OneSoft Solutions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OneSoft Solutions has no effect on the direction of HUMANA i.e., HUMANA and OneSoft Solutions go up and down completely randomly.
Pair Corralation between HUMANA and OneSoft Solutions
If you would invest 63.00 in OneSoft Solutions on September 2, 2024 and sell it today you would earn a total of 0.00 from holding OneSoft Solutions or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 30.0% |
| Values | Daily Returns |
HUMANA INC vs. OneSoft Solutions
Performance |
| Timeline |
| HUMANA INC |
| OneSoft Solutions |
HUMANA and OneSoft Solutions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and OneSoft Solutions
The main advantage of trading using opposite HUMANA and OneSoft Solutions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, OneSoft Solutions 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 OneSoft Solutions will offset losses from the drop in OneSoft Solutions' long position.The idea behind HUMANA INC and OneSoft Solutions 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.| OneSoft Solutions vs. BCE Inc | OneSoft Solutions vs. Axiologix | OneSoft Solutions vs. Advanced Info Service | OneSoft Solutions vs. HUMANA INC |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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