Correlation Between HUMANA and IMining Blockchain
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By analyzing existing cross correlation between HUMANA INC and iMining Blockchain and, you can compare the effects of market volatilities on HUMANA and IMining Blockchain 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 IMining Blockchain. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and IMining Blockchain.
Diversification Opportunities for HUMANA and IMining Blockchain
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and IMining is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and iMining Blockchain and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iMining Blockchain and 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 IMining Blockchain. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iMining Blockchain and has no effect on the direction of HUMANA i.e., HUMANA and IMining Blockchain go up and down completely randomly.
Pair Corralation between HUMANA and IMining Blockchain
Assuming the 90 days trading horizon HUMANA INC is expected to generate 10.25 times more return on investment than IMining Blockchain. However, HUMANA is 10.25 times more volatile than iMining Blockchain and. It trades about 0.07 of its potential returns per unit of risk. iMining Blockchain and is currently generating about -0.04 per unit of risk. If you would invest 7,840 in HUMANA INC on September 13, 2024 and sell it today you would lose (145.00) from holding HUMANA INC or give up 1.85% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 94.12% |
Values | Daily Returns |
HUMANA INC vs. iMining Blockchain and
Performance |
Timeline |
HUMANA INC |
iMining Blockchain and |
HUMANA and IMining Blockchain Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and IMining Blockchain
The main advantage of trading using opposite HUMANA and IMining Blockchain positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, IMining Blockchain 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 IMining Blockchain will offset losses from the drop in IMining Blockchain's long position.HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
IMining Blockchain vs. SPENN Technology AS | IMining Blockchain vs. OFX Group Ltd | IMining Blockchain vs. HUMANA INC | IMining Blockchain vs. Barloworld Ltd 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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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