Correlation Between HUMANA and Xcelmobility
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By analyzing existing cross correlation between HUMANA INC and Xcelmobility, you can compare the effects of market volatilities on HUMANA and Xcelmobility 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 Xcelmobility. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Xcelmobility.
Diversification Opportunities for HUMANA and Xcelmobility
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Xcelmobility is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Xcelmobility in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xcelmobility 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 Xcelmobility. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xcelmobility has no effect on the direction of HUMANA i.e., HUMANA and Xcelmobility go up and down completely randomly.
Pair Corralation between HUMANA and Xcelmobility
If you would invest 8,197 in HUMANA INC on October 6, 2024 and sell it today you would earn a total of 247.00 from holding HUMANA INC or generate 3.01% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 95.24% |
Values | Daily Returns |
HUMANA INC vs. Xcelmobility
Performance |
Timeline |
HUMANA INC |
Xcelmobility |
HUMANA and Xcelmobility Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Xcelmobility
The main advantage of trading using opposite HUMANA and Xcelmobility positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Xcelmobility 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 Xcelmobility will offset losses from the drop in Xcelmobility's long position.HUMANA vs. Getty Images Holdings | HUMANA vs. GMO Internet | HUMANA vs. Bridgford Foods | HUMANA vs. Stratasys |
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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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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