Correlation Between HUMANA and Simplify Volt
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By analyzing existing cross correlation between HUMANA INC and Simplify Volt RoboCar, you can compare the effects of market volatilities on HUMANA and Simplify Volt 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 Simplify Volt. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Simplify Volt.
Diversification Opportunities for HUMANA and Simplify Volt
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Simplify is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Simplify Volt RoboCar in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Simplify Volt RoboCar 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 Simplify Volt. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Simplify Volt RoboCar has no effect on the direction of HUMANA i.e., HUMANA and Simplify Volt go up and down completely randomly.
Pair Corralation between HUMANA and Simplify Volt
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Simplify Volt. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 18.26 times less risky than Simplify Volt. The bond trades about -0.15 of its potential returns per unit of risk. The Simplify Volt RoboCar is currently generating about 0.34 of returns per unit of risk over similar time horizon. If you would invest 1,145 in Simplify Volt RoboCar on August 26, 2024 and sell it today you would earn a total of 775.00 from holding Simplify Volt RoboCar or generate 67.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Simplify Volt RoboCar
Performance |
| Timeline |
| HUMANA INC |
| Simplify Volt RoboCar |
HUMANA and Simplify Volt Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Simplify Volt
The main advantage of trading using opposite HUMANA and Simplify Volt positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Simplify Volt 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 Simplify Volt will offset losses from the drop in Simplify Volt's long position.| HUMANA vs. Balchem | HUMANA vs. Stepan Company | HUMANA vs. Videolocity International | HUMANA vs. Luxfer Holdings PLC |
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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