Correlation Between HUMANA and IShares Gold
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By analyzing existing cross correlation between HUMANA INC and iShares Gold Strategy, you can compare the effects of market volatilities on HUMANA and IShares Gold 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 IShares Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and IShares Gold.
Diversification Opportunities for HUMANA and IShares Gold
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and IShares is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and iShares Gold Strategy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares Gold Strategy 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 IShares Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares Gold Strategy has no effect on the direction of HUMANA i.e., HUMANA and IShares Gold go up and down completely randomly.
Pair Corralation between HUMANA and IShares Gold
Assuming the 90 days trading horizon HUMANA INC is expected to generate 149.48 times more return on investment than IShares Gold. However, HUMANA is 149.48 times more volatile than iShares Gold Strategy. It trades about 0.1 of its potential returns per unit of risk. iShares Gold Strategy is currently generating about 0.06 per unit of risk. If you would invest 8,145 in HUMANA INC on February 3, 2024 and sell it today you would earn a total of 267.00 from holding HUMANA INC or generate 3.28% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 93.57% |
Values | Daily Returns |
HUMANA INC vs. iShares Gold Strategy
Performance |
Timeline |
HUMANA INC |
iShares Gold Strategy |
HUMANA and IShares Gold Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and IShares Gold
The main advantage of trading using opposite HUMANA and IShares Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, IShares Gold 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 IShares Gold will offset losses from the drop in IShares Gold's long position.HUMANA vs. AEP TEX INC | HUMANA vs. US BANK NATIONAL | HUMANA vs. Global Blue Group | HUMANA vs. Dominion Energy |
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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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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