Correlation Between HUMANA and Worldline
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By analyzing existing cross correlation between HUMANA INC and Worldline SA, you can compare the effects of market volatilities on HUMANA and Worldline 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 Worldline. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Worldline.
Diversification Opportunities for HUMANA and Worldline
Significant diversification
The 3 months correlation between HUMANA and Worldline is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Worldline SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Worldline SA 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 Worldline. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Worldline SA has no effect on the direction of HUMANA i.e., HUMANA and Worldline go up and down completely randomly.
Pair Corralation between HUMANA and Worldline
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Worldline. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 4.72 times less risky than Worldline. The bond trades about -0.2 of its potential returns per unit of risk. The Worldline SA is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 729.00 in Worldline SA on September 22, 2024 and sell it today you would earn a total of 171.00 from holding Worldline SA or generate 23.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Worldline SA
Performance |
| Timeline |
| HUMANA INC |
| Worldline SA |
HUMANA and Worldline Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Worldline
The main advantage of trading using opposite HUMANA and Worldline positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Worldline 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 Worldline will offset losses from the drop in Worldline's long position.| HUMANA vs. Senmiao Technology | HUMANA vs. Sweetgreen | HUMANA vs. Kura Sushi USA | HUMANA vs. Arrow Electronics |
| Worldline vs. Voxtur Analytics Corp | Worldline vs. Fobi AI | Worldline vs. HUMANA INC | Worldline vs. Aquagold International |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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