Correlation Between HUMANA and 3D Printing
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By analyzing existing cross correlation between HUMANA INC and The 3D Printing, you can compare the effects of market volatilities on HUMANA and 3D Printing 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 3D Printing. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and 3D Printing.
Diversification Opportunities for HUMANA and 3D Printing
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and PRNT is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and The 3D Printing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 3D Printing 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 3D Printing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 3D Printing has no effect on the direction of HUMANA i.e., HUMANA and 3D Printing go up and down completely randomly.
Pair Corralation between HUMANA and 3D Printing
Assuming the 90 days trading horizon HUMANA INC is expected to generate 54.56 times more return on investment than 3D Printing. However, HUMANA is 54.56 times more volatile than The 3D Printing. It trades about 0.07 of its potential returns per unit of risk. The 3D Printing is currently generating about 0.01 per unit of risk. If you would invest 8,028 in HUMANA INC on August 30, 2024 and sell it today you would lose (333.00) from holding HUMANA INC or give up 4.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. The 3D Printing
Performance |
| Timeline |
| HUMANA INC |
| 3D Printing |
HUMANA and 3D Printing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and 3D Printing
The main advantage of trading using opposite HUMANA and 3D Printing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, 3D Printing 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 3D Printing will offset losses from the drop in 3D Printing's long position.The idea behind HUMANA INC and The 3D Printing 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.| 3D Printing vs. Nexalin Technology | 3D Printing vs. Kilroy Realty Corp | 3D Printing vs. Highwoods Properties | 3D Printing vs. Karat Packaging |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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