Correlation Between HUMANA and Revival Gold
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By analyzing existing cross correlation between HUMANA INC and Revival Gold, you can compare the effects of market volatilities on HUMANA and Revival Gold 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 Revival Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Revival Gold.
Diversification Opportunities for HUMANA and Revival Gold
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Revival is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Revival Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Revival Gold 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 Revival Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Revival Gold has no effect on the direction of HUMANA i.e., HUMANA and Revival Gold go up and down completely randomly.
Pair Corralation between HUMANA and Revival Gold
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Revival Gold. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 2.9 times less risky than Revival Gold. The bond trades about -0.19 of its potential returns per unit of risk. The Revival Gold is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest 21.00 in Revival Gold on September 13, 2024 and sell it today you would lose (1.00) from holding Revival Gold or give up 4.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Revival Gold
Performance |
| Timeline |
| HUMANA INC |
| Revival Gold |
HUMANA and Revival Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Revival Gold
The main advantage of trading using opposite HUMANA and Revival Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Revival Gold 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 Revival Gold will offset losses from the drop in Revival Gold's long position.| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
| Revival Gold vs. Westward Gold | Revival Gold vs. Heliostar Metals | Revival Gold vs. Cabral Gold | Revival Gold vs. Cassiar Gold Corp |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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