Correlation Between Bri Chem and HUMANA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bri Chem Corp and HUMANA INC, you can compare the effects of market volatilities on Bri Chem 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 Bri Chem with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bri Chem and HUMANA.
Diversification Opportunities for Bri Chem and HUMANA
Average diversification
The 3 months correlation between Bri and HUMANA is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Bri Chem Corp and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Bri Chem 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 Bri Chem Corp 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 Bri Chem i.e., Bri Chem and HUMANA go up and down completely randomly.
Pair Corralation between Bri Chem and HUMANA
Assuming the 90 days horizon Bri Chem Corp is expected to generate 8.38 times more return on investment than HUMANA. However, Bri Chem is 8.38 times more volatile than HUMANA INC. It trades about 0.02 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.19 per unit of risk. If you would invest 25.00 in Bri Chem Corp on September 14, 2024 and sell it today you would lose (2.00) from holding Bri Chem Corp or give up 8.0% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 96.83% |
Values | Daily Returns |
Bri Chem Corp vs. HUMANA INC
Performance |
Timeline |
Bri Chem Corp |
HUMANA INC |
Bri Chem and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bri Chem and HUMANA
The main advantage of trading using opposite Bri Chem and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bri Chem 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.Bri Chem vs. Dawson Geophysical | Bri Chem vs. NCS Multistage Holdings | Bri Chem vs. NXT Energy Solutions | Bri Chem vs. Bristow Group |
HUMANA vs. Doubledown Interactive Co | HUMANA vs. Golden Matrix Group | HUMANA vs. Skechers USA | HUMANA vs. NetEase |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
CEOs Directory Screen CEOs from public companies around the world |