Correlation Between HUMANA and MPhase Technologies
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By analyzing existing cross correlation between HUMANA INC and mPhase Technologies, you can compare the effects of market volatilities on HUMANA and MPhase Technologies 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 MPhase Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and MPhase Technologies.
Diversification Opportunities for HUMANA and MPhase Technologies
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and MPhase is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and mPhase Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on mPhase Technologies 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 MPhase Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of mPhase Technologies has no effect on the direction of HUMANA i.e., HUMANA and MPhase Technologies go up and down completely randomly.
Pair Corralation between HUMANA and MPhase Technologies
Assuming the 90 days trading horizon HUMANA is expected to generate 1.16 times less return on investment than MPhase Technologies. In addition to that, HUMANA is 1.48 times more volatile than mPhase Technologies. It trades about 0.07 of its total potential returns per unit of risk. mPhase Technologies is currently generating about 0.12 per unit of volatility. If you would invest 2.32 in mPhase Technologies on September 14, 2024 and sell it today you would lose (2.31) from holding mPhase Technologies or give up 99.57% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 94.13% |
Values | Daily Returns |
HUMANA INC vs. mPhase Technologies
Performance |
Timeline |
HUMANA INC |
mPhase Technologies |
HUMANA and MPhase Technologies Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and MPhase Technologies
The main advantage of trading using opposite HUMANA and MPhase Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, MPhase Technologies 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 MPhase Technologies will offset losses from the drop in MPhase Technologies' long position.HUMANA vs. Doubledown Interactive Co | HUMANA vs. Golden Matrix Group | HUMANA vs. Skechers USA | HUMANA vs. NetEase |
MPhase Technologies vs. HUMANA INC | MPhase Technologies vs. Barloworld Ltd ADR | MPhase Technologies vs. Morningstar Unconstrained Allocation | MPhase Technologies vs. Thrivent High Yield |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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