Correlation Between HUMANA and US Gold
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By analyzing existing cross correlation between HUMANA INC and US Gold Corp, you can compare the effects of market volatilities on HUMANA and US 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 US Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and US Gold.
Diversification Opportunities for HUMANA and US Gold
Good diversification
The 3 months correlation between HUMANA and USAU is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and US Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US Gold Corp 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 US Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US Gold Corp has no effect on the direction of HUMANA i.e., HUMANA and US Gold go up and down completely randomly.
Pair Corralation between HUMANA and US Gold
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.3 times more return on investment than US Gold. However, HUMANA INC is 3.3 times less risky than US Gold. It trades about 0.25 of its potential returns per unit of risk. US Gold Corp is currently generating about 0.08 per unit of risk. If you would invest 7,944 in HUMANA INC on October 22, 2024 and sell it today you would earn a total of 500.00 from holding HUMANA INC or generate 6.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
HUMANA INC vs. US Gold Corp
Performance |
| Timeline |
| HUMANA INC |
| US Gold Corp |
HUMANA and US Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and US Gold
The main advantage of trading using opposite HUMANA and US Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, US 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 US Gold will offset losses from the drop in US Gold's long position.| HUMANA vs. Regeneron Pharmaceuticals | HUMANA vs. BioNTech SE | HUMANA vs. Genfit | HUMANA vs. Exchange Bankshares |
| US Gold vs. Labrador Gold Corp | US Gold vs. Aurion Resources | US Gold vs. Puma Exploration | US Gold vs. Golden Star Resource |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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