Correlation Between Nippon Yusen and HUMANA
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By analyzing existing cross correlation between Nippon Yusen Kabushiki and HUMANA INC, you can compare the effects of market volatilities on Nippon Yusen 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 Nippon Yusen with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nippon Yusen and HUMANA.
Diversification Opportunities for Nippon Yusen and HUMANA
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Nippon and HUMANA is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Nippon Yusen Kabushiki and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Nippon Yusen 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 Nippon Yusen Kabushiki 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 Nippon Yusen i.e., Nippon Yusen and HUMANA go up and down completely randomly.
Pair Corralation between Nippon Yusen and HUMANA
Assuming the 90 days horizon Nippon Yusen is expected to generate 1.12 times less return on investment than HUMANA. In addition to that, Nippon Yusen is 1.93 times more volatile than HUMANA INC. It trades about 0.01 of its total potential returns per unit of risk. HUMANA INC is currently generating about 0.03 per unit of volatility. If you would invest 7,961 in HUMANA INC on March 4, 2024 and sell it today you would earn a total of 135.00 from holding HUMANA INC or generate 1.7% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 98.44% |
Values | Daily Returns |
Nippon Yusen Kabushiki vs. HUMANA INC
Performance |
Timeline |
Nippon Yusen Kabushiki |
HUMANA INC |
Nippon Yusen and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Nippon Yusen and HUMANA
The main advantage of trading using opposite Nippon Yusen and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nippon Yusen 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.Nippon Yusen vs. SITC International Holdings | Nippon Yusen vs. AP Moeller | Nippon Yusen vs. Orient Overseas Limited | Nippon Yusen vs. Mitsui OSK Lines |
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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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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