Correlation Between Lebenthal Lisanti and HUMANA
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By analyzing existing cross correlation between Lebenthal Lisanti Small and HUMANA INC, you can compare the effects of market volatilities on Lebenthal Lisanti 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 Lebenthal Lisanti with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lebenthal Lisanti and HUMANA.
Diversification Opportunities for Lebenthal Lisanti and HUMANA
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Lebenthal and HUMANA is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Lebenthal Lisanti Small and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Lebenthal Lisanti 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 Lebenthal Lisanti Small 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 Lebenthal Lisanti i.e., Lebenthal Lisanti and HUMANA go up and down completely randomly.
Pair Corralation between Lebenthal Lisanti and HUMANA
Assuming the 90 days horizon Lebenthal Lisanti Small is expected to generate 1.65 times more return on investment than HUMANA. However, Lebenthal Lisanti is 1.65 times more volatile than HUMANA INC. It trades about 0.24 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.25 per unit of risk. If you would invest 2,078 in Lebenthal Lisanti Small on August 28, 2024 and sell it today you would earn a total of 176.00 from holding Lebenthal Lisanti Small or generate 8.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Lebenthal Lisanti Small vs. HUMANA INC
Performance |
| Timeline |
| Lebenthal Lisanti Small |
| HUMANA INC |
Lebenthal Lisanti and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lebenthal Lisanti and HUMANA
The main advantage of trading using opposite Lebenthal Lisanti and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lebenthal Lisanti 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.| Lebenthal Lisanti vs. Lord Abbett Growth | Lebenthal Lisanti vs. Queens Road Small | Lebenthal Lisanti vs. Eaton Vance Large Cap |
| HUMANA vs. Ultra Clean Holdings | HUMANA vs. Dream Homes Development | HUMANA vs. JBG SMITH Properties | HUMANA vs. Allegheny Technologies Incorporated |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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