Correlation Between HUMANA and Vendetta Mining
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By analyzing existing cross correlation between HUMANA INC and Vendetta Mining Corp, you can compare the effects of market volatilities on HUMANA and Vendetta Mining 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 Vendetta Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Vendetta Mining.
Diversification Opportunities for HUMANA and Vendetta Mining
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Vendetta is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Vendetta Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vendetta Mining 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 Vendetta Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vendetta Mining Corp has no effect on the direction of HUMANA i.e., HUMANA and Vendetta Mining go up and down completely randomly.
Pair Corralation between HUMANA and Vendetta Mining
Assuming the 90 days trading horizon HUMANA INC is expected to generate 2.41 times more return on investment than Vendetta Mining. However, HUMANA is 2.41 times more volatile than Vendetta Mining Corp. It trades about 0.07 of its potential returns per unit of risk. Vendetta Mining Corp is currently generating about 0.06 per unit of risk. If you would invest 7,902 in HUMANA INC on December 1, 2024 and sell it today you would lose (3.00) from holding HUMANA INC or give up 0.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.77% |
| Values | Daily Returns |
HUMANA INC vs. Vendetta Mining Corp
Performance |
| Timeline |
| HUMANA INC |
| Vendetta Mining Corp |
HUMANA and Vendetta Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Vendetta Mining
The main advantage of trading using opposite HUMANA and Vendetta Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Vendetta Mining 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 Vendetta Mining will offset losses from the drop in Vendetta Mining's long position.| HUMANA vs. Lululemon Athletica | HUMANA vs. Lithium Americas Corp | HUMANA vs. Cementos Pacasmayo SAA | HUMANA vs. Arhaus Inc |
| Vendetta Mining vs. Granite Creek Copper | Vendetta Mining vs. Ascendant Resources | Vendetta Mining vs. Altiplano Metals | Vendetta Mining vs. Erdene Resource Development |
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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