Correlation Between HUMANA and Ag Growth
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By analyzing existing cross correlation between HUMANA INC and Ag Growth International, you can compare the effects of market volatilities on HUMANA and Ag Growth 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 Ag Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Ag Growth.
Diversification Opportunities for HUMANA and Ag Growth
Modest diversification
The 3 months correlation between HUMANA and AGGZF is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Ag Growth International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ag Growth International 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 Ag Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ag Growth International has no effect on the direction of HUMANA i.e., HUMANA and Ag Growth go up and down completely randomly.
Pair Corralation between HUMANA and Ag Growth
Assuming the 90 days trading horizon HUMANA is expected to generate 2.52 times less return on investment than Ag Growth. But when comparing it to its historical volatility, HUMANA INC is 2.18 times less risky than Ag Growth. It trades about 0.08 of its potential returns per unit of risk. Ag Growth International is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 3,648 in Ag Growth International on March 5, 2024 and sell it today you would earn a total of 198.00 from holding Ag Growth International or generate 5.43% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 95.24% |
Values | Daily Returns |
HUMANA INC vs. Ag Growth International
Performance |
Timeline |
HUMANA INC |
Ag Growth International |
HUMANA and Ag Growth Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Ag Growth
The main advantage of trading using opposite HUMANA and Ag Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Ag Growth 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 Ag Growth will offset losses from the drop in Ag Growth's long position.HUMANA vs. AEP TEX INC | HUMANA vs. US BANK NATIONAL | HUMANA vs. KNOT Offshore Partners | HUMANA vs. Blue Sphere Corp |
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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 Stocks Directory module to find actively traded stocks across global markets.
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