Correlation Between HUMANA and Peoples Educational

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Can any of the company-specific risk be diversified away by investing in both HUMANA and Peoples Educational at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining HUMANA and Peoples Educational into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HUMANA INC and Peoples Educational Holdings, you can compare the effects of market volatilities on HUMANA and Peoples Educational 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 Peoples Educational. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Peoples Educational.

Diversification Opportunities for HUMANA and Peoples Educational

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between HUMANA and Peoples is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Peoples Educational Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Peoples Educational 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 Peoples Educational. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Peoples Educational has no effect on the direction of HUMANA i.e., HUMANA and Peoples Educational go up and down completely randomly.

Pair Corralation between HUMANA and Peoples Educational

If you would invest  2.00  in Peoples Educational Holdings on August 29, 2024 and sell it today you would earn a total of  0.00  from holding Peoples Educational Holdings or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy96.83%
ValuesDaily Returns

HUMANA INC  vs.  Peoples Educational Holdings

 Performance 
       Timeline  
HUMANA INC 

Risk-Adjusted Performance

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Over the last 90 days HUMANA INC has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, HUMANA is not utilizing all of its potentials. The newest stock price disturbance, may contribute to short-term losses for the investors.
Peoples Educational 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days Peoples Educational Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fairly strong fundamental indicators, Peoples Educational is not utilizing all of its potentials. The current stock price confusion, may contribute to short-horizon losses for the traders.

HUMANA and Peoples Educational Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with HUMANA and Peoples Educational

The main advantage of trading using opposite HUMANA and Peoples Educational positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Peoples Educational 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 Peoples Educational will offset losses from the drop in Peoples Educational's long position.
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The idea behind HUMANA INC and Peoples Educational Holdings 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.
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.

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