Correlation Between HUMANA and Quaint Oak
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Quaint Oak Bancorp, you can compare the effects of market volatilities on HUMANA and Quaint 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 Quaint Oak. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Quaint Oak.
Diversification Opportunities for HUMANA and Quaint Oak
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Quaint is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Quaint Oak Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quaint Oak Bancorp 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 Quaint Oak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quaint Oak Bancorp has no effect on the direction of HUMANA i.e., HUMANA and Quaint Oak go up and down completely randomly.
Pair Corralation between HUMANA and Quaint Oak
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Quaint Oak. In addition to that, HUMANA is 1.87 times more volatile than Quaint Oak Bancorp. It trades about -0.21 of its total potential returns per unit of risk. Quaint Oak Bancorp is currently generating about 0.03 per unit of volatility. If you would invest 1,100 in Quaint Oak Bancorp on September 1, 2024 and sell it today you would earn a total of 4.00 from holding Quaint Oak Bancorp or generate 0.36% 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. Quaint Oak Bancorp
Performance |
| Timeline |
| HUMANA INC |
| Quaint Oak Bancorp |
HUMANA and Quaint Oak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Quaint Oak
The main advantage of trading using opposite HUMANA and Quaint Oak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Quaint 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 Quaint Oak will offset losses from the drop in Quaint Oak's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Quaint Oak vs. HUMANA INC | Quaint Oak vs. SCOR PK | Quaint Oak vs. Aquagold International | Quaint Oak 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |