Correlation Between Kinetics Paradigm and HUMANA
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By analyzing existing cross correlation between Kinetics Paradigm Fund and HUMANA INC, you can compare the effects of market volatilities on Kinetics Paradigm 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 Kinetics Paradigm with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kinetics Paradigm and HUMANA.
Diversification Opportunities for Kinetics Paradigm and HUMANA
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Kinetics and HUMANA is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Kinetics Paradigm Fund and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Kinetics Paradigm 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 Kinetics Paradigm Fund 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 Kinetics Paradigm i.e., Kinetics Paradigm and HUMANA go up and down completely randomly.
Pair Corralation between Kinetics Paradigm and HUMANA
Assuming the 90 days horizon Kinetics Paradigm Fund is expected to generate 2.1 times more return on investment than HUMANA. However, Kinetics Paradigm is 2.1 times more volatile than HUMANA INC. It trades about 0.15 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.07 per unit of risk. If you would invest 14,400 in Kinetics Paradigm Fund on November 4, 2024 and sell it today you would earn a total of 796.00 from holding Kinetics Paradigm Fund or generate 5.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Kinetics Paradigm Fund vs. HUMANA INC
Performance |
| Timeline |
| Kinetics Paradigm |
| HUMANA INC |
Kinetics Paradigm and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kinetics Paradigm and HUMANA
The main advantage of trading using opposite Kinetics Paradigm and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kinetics Paradigm 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.| Kinetics Paradigm vs. Kinetics Small Cap | Kinetics Paradigm vs. Marsico 21st Century | Kinetics Paradigm vs. Royce Smaller Companies Growth | Kinetics Paradigm vs. Hodges Fund Retail |
| HUMANA vs. Treasury Wine Estates | HUMANA vs. Two Harbors Investments | HUMANA vs. PepsiCo | HUMANA vs. PennantPark Investment |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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