Correlation Between John Wiley and HUMANA
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By analyzing existing cross correlation between John Wiley Sons and HUMANA INC, you can compare the effects of market volatilities on John Wiley 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 John Wiley with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Wiley and HUMANA.
Diversification Opportunities for John Wiley and HUMANA
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between John and HUMANA is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding John Wiley Sons and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and John Wiley 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 John Wiley Sons 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 John Wiley i.e., John Wiley and HUMANA go up and down completely randomly.
Pair Corralation between John Wiley and HUMANA
Given the investment horizon of 90 days John Wiley Sons is expected to under-perform the HUMANA. In addition to that, John Wiley is 2.23 times more volatile than HUMANA INC. It trades about -0.12 of its total potential returns per unit of risk. HUMANA INC is currently generating about 0.07 per unit of volatility. If you would invest 8,162 in HUMANA INC on October 24, 2024 and sell it today you would earn a total of 282.00 from holding HUMANA INC or generate 3.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 72.88% |
| Values | Daily Returns |
John Wiley Sons vs. HUMANA INC
Performance |
| Timeline |
| John Wiley Sons |
| HUMANA INC |
John Wiley and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Wiley and HUMANA
The main advantage of trading using opposite John Wiley and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Wiley 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.| John Wiley vs. John Wiley Sons | John Wiley vs. Pearson PLC ADR | John Wiley vs. Scholastic | John Wiley vs. New York Times |
| HUMANA vs. Daily Journal Corp | HUMANA vs. Pearson PLC ADR | HUMANA vs. Gannett Co | HUMANA vs. John Wiley Sons |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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