Correlation Between HUMANA and Victory High
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By analyzing existing cross correlation between HUMANA INC and Victory High Yield, you can compare the effects of market volatilities on HUMANA and Victory High 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 Victory High. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Victory High.
Diversification Opportunities for HUMANA and Victory High
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Victory is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Victory High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Victory High Yield 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 Victory High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Victory High Yield has no effect on the direction of HUMANA i.e., HUMANA and Victory High go up and down completely randomly.
Pair Corralation between HUMANA and Victory High
Assuming the 90 days trading horizon HUMANA is expected to generate 5.22 times less return on investment than Victory High. In addition to that, HUMANA is 2.45 times more volatile than Victory High Yield. It trades about 0.02 of its total potential returns per unit of risk. Victory High Yield is currently generating about 0.21 per unit of volatility. If you would invest 482.00 in Victory High Yield on September 1, 2024 and sell it today you would earn a total of 74.00 from holding Victory High Yield or generate 15.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.41% |
| Values | Daily Returns |
HUMANA INC vs. Victory High Yield
Performance |
| Timeline |
| HUMANA INC |
| Victory High Yield |
HUMANA and Victory High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Victory High
The main advantage of trading using opposite HUMANA and Victory High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Victory High 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 Victory High will offset losses from the drop in Victory High's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Victory High vs. Victory Rs International | Victory High vs. Victory High Yield | Victory High vs. Victory Sycamore Established | Victory High vs. Victory Integrity Discovery |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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