Correlation Between HUMANA and Pacific Green
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By analyzing existing cross correlation between HUMANA INC and Pacific Green Technologies, you can compare the effects of market volatilities on HUMANA and Pacific Green 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 Pacific Green. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Pacific Green.
Diversification Opportunities for HUMANA and Pacific Green
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Pacific is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Pacific Green Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pacific Green Techno 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 Pacific Green. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pacific Green Techno has no effect on the direction of HUMANA i.e., HUMANA and Pacific Green go up and down completely randomly.
Pair Corralation between HUMANA and Pacific Green
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Pacific Green. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 136.12 times less risky than Pacific Green. The bond trades about -0.04 of its potential returns per unit of risk. The Pacific Green Technologies is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 42.00 in Pacific Green Technologies on September 15, 2024 and sell it today you would lose (2.00) from holding Pacific Green Technologies or give up 4.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.41% |
| Values | Daily Returns |
HUMANA INC vs. Pacific Green Technologies
Performance |
| Timeline |
| HUMANA INC |
| Pacific Green Techno |
HUMANA and Pacific Green Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Pacific Green
The main advantage of trading using opposite HUMANA and Pacific Green positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Pacific Green 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 Pacific Green will offset losses from the drop in Pacific Green's long position.| HUMANA vs. The Gap, | HUMANA vs. Sellas Life Sciences | HUMANA vs. Valneva SE ADR | HUMANA vs. Titan Machinery |
| Pacific Green vs. HUMANA INC | Pacific Green vs. Barloworld Ltd ADR | Pacific Green vs. Morningstar Unconstrained Allocation | Pacific Green vs. Thrivent High Yield |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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