Correlation Between HUMANA and Kinetics Internet
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By analyzing existing cross correlation between HUMANA INC and Kinetics Internet Fund, you can compare the effects of market volatilities on HUMANA and Kinetics Internet 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 Kinetics Internet. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Kinetics Internet.
Diversification Opportunities for HUMANA and Kinetics Internet
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Kinetics is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Kinetics Internet Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kinetics Internet 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 Kinetics Internet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kinetics Internet has no effect on the direction of HUMANA i.e., HUMANA and Kinetics Internet go up and down completely randomly.
Pair Corralation between HUMANA and Kinetics Internet
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Kinetics Internet. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 2.32 times less risky than Kinetics Internet. The bond trades about -0.16 of its potential returns per unit of risk. The Kinetics Internet Fund is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest 8,767 in Kinetics Internet Fund on September 13, 2024 and sell it today you would earn a total of 2,318 from holding Kinetics Internet Fund or generate 26.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Kinetics Internet Fund
Performance |
| Timeline |
| HUMANA INC |
| Kinetics Internet |
HUMANA and Kinetics Internet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Kinetics Internet
The main advantage of trading using opposite HUMANA and Kinetics Internet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Kinetics Internet 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 Kinetics Internet will offset losses from the drop in Kinetics Internet's long position.| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
| Kinetics Internet vs. Victory Munder Multi Cap | Kinetics Internet vs. Tomorrows Scholar College | Kinetics Internet vs. Janus Global Technology | Kinetics Internet vs. Invesco Technology Fund |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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