Correlation Between HUMANA and Mayfair Gold
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By analyzing existing cross correlation between HUMANA INC and Mayfair Gold Corp, you can compare the effects of market volatilities on HUMANA and Mayfair Gold 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 Mayfair Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Mayfair Gold.
Diversification Opportunities for HUMANA and Mayfair Gold
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Mayfair is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Mayfair Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mayfair Gold Corp 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 Mayfair Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mayfair Gold Corp has no effect on the direction of HUMANA i.e., HUMANA and Mayfair Gold go up and down completely randomly.
Pair Corralation between HUMANA and Mayfair Gold
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Mayfair Gold. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 2.81 times less risky than Mayfair Gold. The bond trades about -0.18 of its potential returns per unit of risk. The Mayfair Gold Corp is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 130.00 in Mayfair Gold Corp on September 13, 2024 and sell it today you would earn a total of 2.00 from holding Mayfair Gold Corp or generate 1.54% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 96.83% |
Values | Daily Returns |
HUMANA INC vs. Mayfair Gold Corp
Performance |
Timeline |
HUMANA INC |
Mayfair Gold Corp |
HUMANA and Mayfair Gold Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Mayfair Gold
The main advantage of trading using opposite HUMANA and Mayfair Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Mayfair Gold 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 Mayfair Gold will offset losses from the drop in Mayfair Gold's long position.HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
Mayfair Gold vs. Revival Gold | Mayfair Gold vs. Galiano Gold | Mayfair Gold vs. US Gold Corp | Mayfair Gold vs. HUMANA INC |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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