Correlation Between HUMANA and Sixty North
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By analyzing existing cross correlation between HUMANA INC and Sixty North Gold, you can compare the effects of market volatilities on HUMANA and Sixty North 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 Sixty North. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Sixty North.
Diversification Opportunities for HUMANA and Sixty North
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HUMANA and Sixty is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Sixty North Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sixty North 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 Sixty North. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sixty North Gold has no effect on the direction of HUMANA i.e., HUMANA and Sixty North go up and down completely randomly.
Pair Corralation between HUMANA and Sixty North
Assuming the 90 days trading horizon HUMANA INC is expected to generate 4.32 times more return on investment than Sixty North. However, HUMANA is 4.32 times more volatile than Sixty North Gold. It trades about 0.07 of its potential returns per unit of risk. Sixty North Gold is currently generating about 0.08 per unit of risk. If you would invest 7,840 in HUMANA INC on September 13, 2024 and sell it today you would lose (145.00) from holding HUMANA INC or give up 1.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. Sixty North Gold
Performance |
| Timeline |
| HUMANA INC |
| Sixty North Gold |
HUMANA and Sixty North Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Sixty North
The main advantage of trading using opposite HUMANA and Sixty North positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Sixty North 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 Sixty North will offset losses from the drop in Sixty North's long position.| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
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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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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