Correlation Between HUMANA and Roth CH
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By analyzing existing cross correlation between HUMANA INC and Roth CH Acquisition, you can compare the effects of market volatilities on HUMANA and Roth CH 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 Roth CH. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Roth CH.
Diversification Opportunities for HUMANA and Roth CH
Very good diversification
The 3 months correlation between HUMANA and Roth is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Roth CH Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Roth CH Acquisition 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 Roth CH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Roth CH Acquisition has no effect on the direction of HUMANA i.e., HUMANA and Roth CH go up and down completely randomly.
Pair Corralation between HUMANA and Roth CH
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Roth CH. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 29.04 times less risky than Roth CH. The bond trades about -0.16 of its potential returns per unit of risk. The Roth CH Acquisition is currently generating about 0.33 of returns per unit of risk over similar time horizon. If you would invest 4.72 in Roth CH Acquisition on August 30, 2024 and sell it today you would earn a total of 27.28 from holding Roth CH Acquisition or generate 577.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.5% |
| Values | Daily Returns |
HUMANA INC vs. Roth CH Acquisition
Performance |
| Timeline |
| HUMANA INC |
| Roth CH Acquisition |
HUMANA and Roth CH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Roth CH
The main advantage of trading using opposite HUMANA and Roth CH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Roth CH 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 Roth CH will offset losses from the drop in Roth CH's long position.| HUMANA vs. Brandywine Realty Trust | HUMANA vs. Celsius Holdings | HUMANA vs. Uber Technologies | HUMANA vs. PepsiCo |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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