Correlation Between Baron Partners and HUMANA
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By analyzing existing cross correlation between Baron Partners Fund and HUMANA INC, you can compare the effects of market volatilities on Baron Partners 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 Baron Partners with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baron Partners and HUMANA.
Diversification Opportunities for Baron Partners and HUMANA
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Baron and HUMANA is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Baron Partners Fund and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Baron Partners 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 Baron Partners 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 Baron Partners i.e., Baron Partners and HUMANA go up and down completely randomly.
Pair Corralation between Baron Partners and HUMANA
Assuming the 90 days horizon Baron Partners is expected to generate 65.11 times less return on investment than HUMANA. But when comparing it to its historical volatility, Baron Partners Fund is 44.66 times less risky than HUMANA. It trades about 0.05 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 7,723 in HUMANA INC on November 19, 2024 and sell it today you would earn a total of 176.00 from holding HUMANA INC or generate 2.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.15% |
| Values | Daily Returns |
Baron Partners Fund vs. HUMANA INC
Performance |
| Timeline |
| Baron Partners |
| HUMANA INC |
Baron Partners and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Baron Partners and HUMANA
The main advantage of trading using opposite Baron Partners and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baron Partners 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.| Baron Partners vs. Nasdaq 100 Fund Investor | Baron Partners vs. Meridian Growth Fund | Baron Partners vs. Baron Opportunity Fund | Baron Partners vs. Baron Small Cap |
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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