Correlation Between HUMANA and Nine Mile
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Nine Mile Metals, you can compare the effects of market volatilities on HUMANA and Nine Mile 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 Nine Mile. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Nine Mile.
Diversification Opportunities for HUMANA and Nine Mile
Excellent diversification
The 3 months correlation between HUMANA and Nine is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Nine Mile Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nine Mile Metals 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 Nine Mile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nine Mile Metals has no effect on the direction of HUMANA i.e., HUMANA and Nine Mile go up and down completely randomly.
Pair Corralation between HUMANA and Nine Mile
Assuming the 90 days trading horizon HUMANA is expected to generate 3.4 times less return on investment than Nine Mile. But when comparing it to its historical volatility, HUMANA INC is 13.28 times less risky than Nine Mile. It trades about 0.05 of its potential returns per unit of risk. Nine Mile Metals is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1.72 in Nine Mile Metals on December 30, 2024 and sell it today you would lose (0.34) from holding Nine Mile Metals or give up 19.77% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 98.46% |
Values | Daily Returns |
HUMANA INC vs. Nine Mile Metals
Performance |
Timeline |
HUMANA INC |
Nine Mile Metals |
HUMANA and Nine Mile Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Nine Mile
The main advantage of trading using opposite HUMANA and Nine Mile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Nine Mile 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 Nine Mile will offset losses from the drop in Nine Mile's long position.HUMANA vs. Cytek Biosciences | HUMANA vs. Avadel Pharmaceuticals PLC | HUMANA vs. Stratasys | HUMANA vs. Sphere Entertainment Co |
Nine Mile vs. Endurance Gold | Nine Mile vs. Red Pine Exploration | Nine Mile vs. Altamira Gold Corp | Nine Mile vs. Grande Portage Resources |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |