Correlation Between HUMANA and Perseus Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Perseus Mining Limited, you can compare the effects of market volatilities on HUMANA and Perseus 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 Perseus Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Perseus Mining.
Diversification Opportunities for HUMANA and Perseus Mining
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Perseus is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Perseus Mining Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Perseus 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 Perseus Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Perseus Mining has no effect on the direction of HUMANA i.e., HUMANA and Perseus Mining go up and down completely randomly.
Pair Corralation between HUMANA and Perseus Mining
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Perseus Mining. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 4.81 times less risky than Perseus Mining. The bond trades about -0.04 of its potential returns per unit of risk. The Perseus Mining Limited is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 153.00 in Perseus Mining Limited on September 13, 2024 and sell it today you would earn a total of 21.00 from holding Perseus Mining Limited or generate 13.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.58% |
| Values | Daily Returns |
HUMANA INC vs. Perseus Mining Limited
Performance |
| Timeline |
| HUMANA INC |
| Perseus Mining |
HUMANA and Perseus Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Perseus Mining
The main advantage of trading using opposite HUMANA and Perseus Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Perseus 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 Perseus Mining will offset losses from the drop in Perseus Mining's long position.| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
| Perseus Mining vs. Revival Gold | Perseus Mining vs. Galiano Gold | Perseus Mining vs. US Gold Corp | Perseus Mining 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |