Correlation Between HUMANA and White Gold
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By analyzing existing cross correlation between HUMANA INC and White Gold Corp, you can compare the effects of market volatilities on HUMANA and White 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 White Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and White Gold.
Diversification Opportunities for HUMANA and White Gold
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HUMANA and White is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and White Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on White 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 White Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of White Gold Corp has no effect on the direction of HUMANA i.e., HUMANA and White Gold go up and down completely randomly.
Pair Corralation between HUMANA and White Gold
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.19 times more return on investment than White Gold. However, HUMANA INC is 5.17 times less risky than White Gold. It trades about 0.27 of its potential returns per unit of risk. White Gold Corp is currently generating about 0.03 per unit of risk. If you would invest 7,890 in HUMANA INC on October 21, 2024 and sell it today you would earn a total of 554.00 from holding HUMANA INC or generate 7.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
HUMANA INC vs. White Gold Corp
Performance |
| Timeline |
| HUMANA INC |
| White Gold Corp |
HUMANA and White Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and White Gold
The main advantage of trading using opposite HUMANA and White Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, White 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 White Gold will offset losses from the drop in White Gold's long position.| HUMANA vs. Vantage Drilling International | HUMANA vs. Sable Offshore Corp | HUMANA vs. Noble plc | HUMANA vs. Drilling Tools International |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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