Correlation Between HUMANA and Usinas Siderurgicas
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By analyzing existing cross correlation between HUMANA INC and Usinas Siderurgicas de, you can compare the effects of market volatilities on HUMANA and Usinas Siderurgicas 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 Usinas Siderurgicas. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Usinas Siderurgicas.
Diversification Opportunities for HUMANA and Usinas Siderurgicas
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Usinas is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Usinas Siderurgicas de in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Usinas Siderurgicas 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 Usinas Siderurgicas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Usinas Siderurgicas has no effect on the direction of HUMANA i.e., HUMANA and Usinas Siderurgicas go up and down completely randomly.
Pair Corralation between HUMANA and Usinas Siderurgicas
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.11 times more return on investment than Usinas Siderurgicas. However, HUMANA INC is 9.18 times less risky than Usinas Siderurgicas. It trades about -0.08 of its potential returns per unit of risk. Usinas Siderurgicas de is currently generating about -0.03 per unit of risk. If you would invest 8,100 in HUMANA INC on August 24, 2024 and sell it today you would lose (65.00) from holding HUMANA INC or give up 0.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Usinas Siderurgicas de
Performance |
| Timeline |
| HUMANA INC |
| Usinas Siderurgicas |
HUMANA and Usinas Siderurgicas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Usinas Siderurgicas
The main advantage of trading using opposite HUMANA and Usinas Siderurgicas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Usinas Siderurgicas 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 Usinas Siderurgicas will offset losses from the drop in Usinas Siderurgicas' long position.| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth Holdings |
| Usinas Siderurgicas vs. Olympic Steel | Usinas Siderurgicas vs. Mesabi Trust | Usinas Siderurgicas vs. Universal Stainless Alloy | Usinas Siderurgicas vs. POSCO Holdings |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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