Correlation Between Baosheng Media and HUMANA
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By analyzing existing cross correlation between Baosheng Media Group and HUMANA INC, you can compare the effects of market volatilities on Baosheng Media 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 Baosheng Media with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baosheng Media and HUMANA.
Diversification Opportunities for Baosheng Media and HUMANA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Baosheng and HUMANA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Baosheng Media Group and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Baosheng Media 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 Baosheng Media Group 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 Baosheng Media i.e., Baosheng Media and HUMANA go up and down completely randomly.
Pair Corralation between Baosheng Media and HUMANA
Given the investment horizon of 90 days Baosheng Media Group is expected to under-perform the HUMANA. In addition to that, Baosheng Media is 3.79 times more volatile than HUMANA INC. It trades about -0.28 of its total potential returns per unit of risk. HUMANA INC is currently generating about 0.24 per unit of volatility. If you would invest 7,873 in HUMANA INC on March 12, 2024 and sell it today you would earn a total of 539.00 from holding HUMANA INC or generate 6.85% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Baosheng Media Group vs. HUMANA INC
Performance |
Timeline |
Baosheng Media Group |
HUMANA INC |
Baosheng Media and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Baosheng Media and HUMANA
The main advantage of trading using opposite Baosheng Media and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baosheng Media 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.Baosheng Media vs. Deluxe | Baosheng Media vs. Entravision Communications | Baosheng Media vs. Innovid Corp | Baosheng Media vs. Ziff Davis |
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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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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