Correlation Between Ultra Fund and HUMANA
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By analyzing existing cross correlation between Ultra Fund R and HUMANA INC, you can compare the effects of market volatilities on Ultra Fund 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 Ultra Fund with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ultra Fund and HUMANA.
Diversification Opportunities for Ultra Fund and HUMANA
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ultra and HUMANA is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Ultra Fund R and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Ultra Fund 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 Ultra Fund R 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 Ultra Fund i.e., Ultra Fund and HUMANA go up and down completely randomly.
Pair Corralation between Ultra Fund and HUMANA
Assuming the 90 days horizon Ultra Fund is expected to generate 69.99 times less return on investment than HUMANA. But when comparing it to its historical volatility, Ultra Fund R is 80.37 times less risky than HUMANA. It trades about 0.09 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 8,144 in HUMANA INC on August 24, 2024 and sell it today you would lose (109.00) from holding HUMANA INC or give up 1.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 94.7% |
| Values | Daily Returns |
Ultra Fund R vs. HUMANA INC
Performance |
| Timeline |
| Ultra Fund R |
| HUMANA INC |
Ultra Fund and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ultra Fund and HUMANA
The main advantage of trading using opposite Ultra Fund and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ultra Fund 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.| Ultra Fund vs. HUMANA INC | Ultra Fund vs. Aquagold International | Ultra Fund vs. Barloworld Ltd ADR | Ultra Fund vs. Morningstar Unconstrained Allocation |
| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth Holdings |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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