Correlation Between Usio and HUMANA
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By analyzing existing cross correlation between Usio Inc and HUMANA INC, you can compare the effects of market volatilities on Usio and HUMANA 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 Usio with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Usio and HUMANA.
Diversification Opportunities for Usio and HUMANA
Good diversification
The 3 months correlation between Usio and HUMANA is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Usio Inc and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Usio 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 Usio Inc are associated (or correlated) with HUMANA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUMANA INC has no effect on the direction of Usio i.e., Usio and HUMANA go up and down completely randomly.
Pair Corralation between Usio and HUMANA
Given the investment horizon of 90 days Usio Inc is expected to generate 2.95 times more return on investment than HUMANA. However, Usio is 2.95 times more volatile than HUMANA INC. It trades about 0.03 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.18 per unit of risk. If you would invest 144.00 in Usio Inc on September 12, 2024 and sell it today you would earn a total of 4.00 from holding Usio Inc or generate 2.78% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 98.41% |
Values | Daily Returns |
Usio Inc vs. HUMANA INC
Performance |
Timeline |
Usio Inc |
HUMANA INC |
Usio and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Usio and HUMANA
The main advantage of trading using opposite Usio and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Usio position performs unexpectedly, HUMANA 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 HUMANA will offset losses from the drop in HUMANA's long position.Usio vs. Appen Limited | Usio vs. Value Exchange International | Usio vs. Appen Limited | Usio vs. Deveron Corp |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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