Correlation Between HUMANA and Zijin Mining
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By analyzing existing cross correlation between HUMANA INC and Zijin Mining Group, you can compare the effects of market volatilities on HUMANA and Zijin Mining 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 Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Zijin Mining.
Diversification Opportunities for HUMANA and Zijin Mining
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Zijin is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Zijin Mining Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zijin Mining Group 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 Zijin Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zijin Mining Group has no effect on the direction of HUMANA i.e., HUMANA and Zijin Mining go up and down completely randomly.
Pair Corralation between HUMANA and Zijin Mining
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Zijin Mining. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 4.61 times less risky than Zijin Mining. The bond trades about -0.19 of its potential returns per unit of risk. The Zijin Mining Group is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 186.00 in Zijin Mining Group on September 15, 2024 and sell it today you would earn a total of 14.00 from holding Zijin Mining Group or generate 7.53% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 98.44% |
Values | Daily Returns |
HUMANA INC vs. Zijin Mining Group
Performance |
Timeline |
HUMANA INC |
Zijin Mining Group |
HUMANA and Zijin Mining Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Zijin Mining
The main advantage of trading using opposite HUMANA and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Zijin Mining 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 Zijin Mining will offset losses from the drop in Zijin Mining's long position.HUMANA vs. The Gap, | ||
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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