Correlation Between HUMANA and XXL Energy
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By analyzing existing cross correlation between HUMANA INC and XXL Energy Corp, you can compare the effects of market volatilities on HUMANA and XXL Energy 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 XXL Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and XXL Energy.
Diversification Opportunities for HUMANA and XXL Energy
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HUMANA and XXL is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and XXL Energy Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XXL Energy 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 XXL Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XXL Energy Corp has no effect on the direction of HUMANA i.e., HUMANA and XXL Energy go up and down completely randomly.
Pair Corralation between HUMANA and XXL Energy
If you would invest 0.16 in XXL Energy Corp on August 27, 2024 and sell it today you would earn a total of 0.00 from holding XXL Energy Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 90.48% |
| Values | Daily Returns |
HUMANA INC vs. XXL Energy Corp
Performance |
| Timeline |
| HUMANA INC |
| XXL Energy Corp |
HUMANA and XXL Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and XXL Energy
The main advantage of trading using opposite HUMANA and XXL Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, XXL Energy 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 XXL Energy will offset losses from the drop in XXL Energy's long position.| HUMANA vs. Ultra Clean Holdings | HUMANA vs. Dream Homes Development | HUMANA vs. JBG SMITH Properties | HUMANA vs. Allegheny Technologies Incorporated |
| XXL Energy vs. PHX Minerals | XXL Energy vs. Mexco Energy | XXL Energy vs. Granite Ridge Resources | XXL Energy vs. PrimeEnergy |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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