Correlation Between Europacific Growth and HUMANA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Europacific Growth Fund and HUMANA INC, you can compare the effects of market volatilities on Europacific Growth 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 Europacific Growth with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Europacific Growth and HUMANA.
Diversification Opportunities for Europacific Growth and HUMANA
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Europacific and HUMANA is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Europacific Growth Fund and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Europacific Growth 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 Europacific Growth Fund 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 Europacific Growth i.e., Europacific Growth and HUMANA go up and down completely randomly.
Pair Corralation between Europacific Growth and HUMANA
Assuming the 90 days horizon Europacific Growth Fund is expected to generate 1.28 times more return on investment than HUMANA. However, Europacific Growth is 1.28 times more volatile than HUMANA INC. It trades about 0.05 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.02 per unit of risk. If you would invest 5,262 in Europacific Growth Fund on September 2, 2024 and sell it today you would earn a total of 541.00 from holding Europacific Growth Fund or generate 10.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.58% |
| Values | Daily Returns |
Europacific Growth Fund vs. HUMANA INC
Performance |
| Timeline |
| Europacific Growth |
| HUMANA INC |
Europacific Growth and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Europacific Growth and HUMANA
The main advantage of trading using opposite Europacific Growth and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Europacific Growth 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.| Europacific Growth vs. Amg Managers Centersquare | Europacific Growth vs. Prudential Real Estate | Europacific Growth vs. Goldman Sachs Real | Europacific Growth vs. Us Real Estate |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |