Correlation Between Viscount Mining and HUMANA
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By analyzing existing cross correlation between Viscount Mining Corp and HUMANA INC, you can compare the effects of market volatilities on Viscount Mining and HUMANA 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 Viscount Mining with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Viscount Mining and HUMANA.
Diversification Opportunities for Viscount Mining and HUMANA
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Viscount and HUMANA is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Viscount Mining Corp and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Viscount Mining 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 Viscount Mining Corp are associated (or correlated) with HUMANA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUMANA INC has no effect on the direction of Viscount Mining i.e., Viscount Mining and HUMANA go up and down completely randomly.
Pair Corralation between Viscount Mining and HUMANA
Assuming the 90 days horizon Viscount Mining is expected to generate 55.48 times less return on investment than HUMANA. But when comparing it to its historical volatility, Viscount Mining Corp is 13.54 times less risky than HUMANA. It trades about 0.02 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 8,012 in HUMANA INC on September 1, 2024 and sell it today you would lose (317.00) from holding HUMANA INC or give up 3.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 93.94% |
| Values | Daily Returns |
Viscount Mining Corp vs. HUMANA INC
Performance |
| Timeline |
| Viscount Mining Corp |
| HUMANA INC |
Viscount Mining and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Viscount Mining and HUMANA
The main advantage of trading using opposite Viscount Mining and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Viscount Mining position performs unexpectedly, HUMANA 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 HUMANA will offset losses from the drop in HUMANA's long position.| Viscount Mining vs. Defiance Silver Corp | Viscount Mining vs. HUMANA INC | Viscount Mining vs. SCOR PK | Viscount Mining vs. Aquagold International |
| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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