Correlation Between HUMANA and Sun Hung
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By analyzing existing cross correlation between HUMANA INC and Sun Hung Kai, you can compare the effects of market volatilities on HUMANA and Sun Hung 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 Sun Hung. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Sun Hung.
Diversification Opportunities for HUMANA and Sun Hung
Very good diversification
The 3 months correlation between HUMANA and Sun is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Sun Hung Kai in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sun Hung Kai 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 Sun Hung. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sun Hung Kai has no effect on the direction of HUMANA i.e., HUMANA and Sun Hung go up and down completely randomly.
Pair Corralation between HUMANA and Sun Hung
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Sun Hung. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.37 times less risky than Sun Hung. The bond trades about -0.21 of its potential returns per unit of risk. The Sun Hung Kai is currently generating about -0.14 of returns per unit of risk over similar time horizon. If you would invest 1,047 in Sun Hung Kai on August 31, 2024 and sell it today you would lose (50.00) from holding Sun Hung Kai or give up 4.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Sun Hung Kai
Performance |
| Timeline |
| HUMANA INC |
| Sun Hung Kai |
HUMANA and Sun Hung Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Sun Hung
The main advantage of trading using opposite HUMANA and Sun Hung positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Sun Hung 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 Sun Hung will offset losses from the drop in Sun Hung's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Sun Hung vs. HUMANA INC | Sun Hung vs. SCOR PK | Sun Hung vs. Aquagold International | Sun Hung vs. Thrivent High Yield |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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