Correlation Between Ab Impact and HUMANA
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By analyzing existing cross correlation between Ab Impact Municipal and HUMANA INC, you can compare the effects of market volatilities on Ab Impact 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 Ab Impact with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ab Impact and HUMANA.
Diversification Opportunities for Ab Impact and HUMANA
Average diversification
The 3 months correlation between ABIMX and HUMANA is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Ab Impact Municipal and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Ab Impact 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 Ab Impact Municipal 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 Ab Impact i.e., Ab Impact and HUMANA go up and down completely randomly.
Pair Corralation between Ab Impact and HUMANA
Assuming the 90 days horizon Ab Impact is expected to generate 235.76 times less return on investment than HUMANA. But when comparing it to its historical volatility, Ab Impact Municipal is 256.24 times less risky than HUMANA. It trades about 0.08 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 8,074 in HUMANA INC on September 3, 2024 and sell it today you would lose (39.00) from holding HUMANA INC or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 93.74% |
| Values | Daily Returns |
Ab Impact Municipal vs. HUMANA INC
Performance |
| Timeline |
| Ab Impact Municipal |
| HUMANA INC |
Ab Impact and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ab Impact and HUMANA
The main advantage of trading using opposite Ab Impact and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ab Impact 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.| Ab Impact vs. HUMANA INC | Ab Impact vs. Aquagold International | Ab Impact vs. Barloworld Ltd ADR | Ab Impact vs. Morningstar Unconstrained Allocation |
| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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