Correlation Between HUMANA and Q2 Metals
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By analyzing existing cross correlation between HUMANA INC and Q2 Metals Corp, you can compare the effects of market volatilities on HUMANA and Q2 Metals 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 Q2 Metals. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Q2 Metals.
Diversification Opportunities for HUMANA and Q2 Metals
Weak diversification
The 3 months correlation between HUMANA and QUEXF is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Q2 Metals Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Q2 Metals Corp 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 Q2 Metals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Q2 Metals Corp has no effect on the direction of HUMANA i.e., HUMANA and Q2 Metals go up and down completely randomly.
Pair Corralation between HUMANA and Q2 Metals
Assuming the 90 days trading horizon HUMANA is expected to generate 32.98 times less return on investment than Q2 Metals. But when comparing it to its historical volatility, HUMANA INC is 15.59 times less risky than Q2 Metals. It trades about 0.05 of its potential returns per unit of risk. Q2 Metals Corp is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 14.00 in Q2 Metals Corp on October 22, 2024 and sell it today you would earn a total of 38.00 from holding Q2 Metals Corp or generate 271.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.25% |
| Values | Daily Returns |
HUMANA INC vs. Q2 Metals Corp
Performance |
| Timeline |
| HUMANA INC |
| Q2 Metals Corp |
HUMANA and Q2 Metals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Q2 Metals
The main advantage of trading using opposite HUMANA and Q2 Metals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Q2 Metals 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 Q2 Metals will offset losses from the drop in Q2 Metals' long position.| HUMANA vs. Regeneron Pharmaceuticals | HUMANA vs. BioNTech SE | HUMANA vs. Genfit | HUMANA vs. Exchange Bankshares |
| Q2 Metals vs. Minnova Corp | Q2 Metals vs. Argo Gold | Q2 Metals vs. Advance Gold Corp | Q2 Metals vs. Blue Star Gold |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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