Correlation Between HUMANA and Associated Capital
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By analyzing existing cross correlation between HUMANA INC and Associated Capital Group, you can compare the effects of market volatilities on HUMANA and Associated Capital 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 Associated Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Associated Capital.
Diversification Opportunities for HUMANA and Associated Capital
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between HUMANA and Associated is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Associated Capital Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Associated Capital 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 Associated Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Associated Capital has no effect on the direction of HUMANA i.e., HUMANA and Associated Capital go up and down completely randomly.
Pair Corralation between HUMANA and Associated Capital
Assuming the 90 days trading horizon HUMANA INC is expected to generate 1.15 times more return on investment than Associated Capital. However, HUMANA is 1.15 times more volatile than Associated Capital Group. It trades about 0.01 of its potential returns per unit of risk. Associated Capital Group is currently generating about -0.01 per unit of risk. If you would invest 7,963 in HUMANA INC on February 11, 2024 and sell it today you would lose (5.00) from holding HUMANA INC or give up 0.06% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 96.83% |
Values | Daily Returns |
HUMANA INC vs. Associated Capital Group
Performance |
Timeline |
HUMANA INC |
Associated Capital |
HUMANA and Associated Capital Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Associated Capital
The main advantage of trading using opposite HUMANA and Associated Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Associated Capital 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 Associated Capital will offset losses from the drop in Associated Capital's long position.HUMANA vs. AEP TEX INC | HUMANA vs. US BANK NATIONAL | HUMANA vs. Hims Hers Health | HUMANA vs. Reborn Coffee |
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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