Correlation Between HUMANA and Spring Valley
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By analyzing existing cross correlation between HUMANA INC and Spring Valley Acquisition, you can compare the effects of market volatilities on HUMANA and Spring Valley 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 Spring Valley. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Spring Valley.
Diversification Opportunities for HUMANA and Spring Valley
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Spring is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Spring Valley Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Spring Valley 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 Spring Valley. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Spring Valley Acquisition has no effect on the direction of HUMANA i.e., HUMANA and Spring Valley go up and down completely randomly.
Pair Corralation between HUMANA and Spring Valley
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Spring Valley. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.71 times less risky than Spring Valley. The bond trades about -0.12 of its potential returns per unit of risk. The Spring Valley Acquisition is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest 1,136 in Spring Valley Acquisition on August 23, 2024 and sell it today you would lose (13.00) from holding Spring Valley Acquisition or give up 1.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 91.3% |
| Values | Daily Returns |
HUMANA INC vs. Spring Valley Acquisition
Performance |
| Timeline |
| HUMANA INC |
| Spring Valley Acquisition |
HUMANA and Spring Valley Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Spring Valley
The main advantage of trading using opposite HUMANA and Spring Valley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Spring Valley 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 Spring Valley will offset losses from the drop in Spring Valley's long position.| HUMANA vs. Western Digital | HUMANA vs. Arrow Electronics | HUMANA vs. Anheuser Busch Inbev | HUMANA vs. Keurig Dr Pepper |
| Spring Valley vs. ABIVAX Socit Anonyme | Spring Valley vs. SCOR PK | Spring Valley vs. HUMANA INC | Spring Valley 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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