Correlation Between HUMANA and Pin Oak
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Pin Oak Equity, you can compare the effects of market volatilities on HUMANA and Pin Oak 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 Pin Oak. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Pin Oak.
Diversification Opportunities for HUMANA and Pin Oak
Excellent diversification
The 3 months correlation between HUMANA and Pin is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Pin Oak Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pin Oak Equity 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 Pin Oak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pin Oak Equity has no effect on the direction of HUMANA i.e., HUMANA and Pin Oak go up and down completely randomly.
Pair Corralation between HUMANA and Pin Oak
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Pin Oak. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.02 times less risky than Pin Oak. The bond trades about -0.25 of its potential returns per unit of risk. The Pin Oak Equity is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 8,836 in Pin Oak Equity on August 28, 2024 and sell it today you would earn a total of 346.00 from holding Pin Oak Equity or generate 3.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Pin Oak Equity
Performance |
| Timeline |
| HUMANA INC |
| Pin Oak Equity |
HUMANA and Pin Oak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Pin Oak
The main advantage of trading using opposite HUMANA and Pin Oak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Pin Oak 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 Pin Oak will offset losses from the drop in Pin Oak's long position.| HUMANA vs. Ultra Clean Holdings | HUMANA vs. Dream Homes Development | HUMANA vs. JBG SMITH Properties | HUMANA vs. Allegheny Technologies Incorporated |
| Pin Oak vs. Red Oak Technology | Pin Oak vs. White Oak Select | Pin Oak vs. Black Oak Emerging | Pin Oak vs. Live Oak Health |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |