Correlation Between HUMANA and Starco Brands
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By analyzing existing cross correlation between HUMANA INC and Starco Brands, you can compare the effects of market volatilities on HUMANA and Starco Brands 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 Starco Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Starco Brands.
Diversification Opportunities for HUMANA and Starco Brands
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Starco is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Starco Brands in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Starco Brands 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 Starco Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Starco Brands has no effect on the direction of HUMANA i.e., HUMANA and Starco Brands go up and down completely randomly.
Pair Corralation between HUMANA and Starco Brands
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.08 times more return on investment than Starco Brands. However, HUMANA INC is 13.0 times less risky than Starco Brands. It trades about -0.25 of its potential returns per unit of risk. Starco Brands is currently generating about -0.06 per unit of risk. If you would invest 8,111 in HUMANA INC on August 28, 2024 and sell it today you would lose (416.00) from holding HUMANA INC or give up 5.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Starco Brands
Performance |
| Timeline |
| HUMANA INC |
| Starco Brands |
HUMANA and Starco Brands Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Starco Brands
The main advantage of trading using opposite HUMANA and Starco Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Starco Brands 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 Starco Brands will offset losses from the drop in Starco Brands' long position.| HUMANA vs. Ultra Clean Holdings | HUMANA vs. Dream Homes Development | HUMANA vs. JBG SMITH Properties | HUMANA vs. Allegheny Technologies Incorporated |
| Starco Brands vs. FitLife Brands, Common | Starco Brands vs. HUMANA INC | Starco Brands vs. SCOR PK | Starco Brands vs. Aquagold International |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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