Correlation Between Duluth Holdings and HUMANA
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By analyzing existing cross correlation between Duluth Holdings and HUMANA INC, you can compare the effects of market volatilities on Duluth Holdings 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 Duluth Holdings with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duluth Holdings and HUMANA.
Diversification Opportunities for Duluth Holdings and HUMANA
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Duluth and HUMANA is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Duluth Holdings and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Duluth Holdings 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 Duluth Holdings 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 Duluth Holdings i.e., Duluth Holdings and HUMANA go up and down completely randomly.
Pair Corralation between Duluth Holdings and HUMANA
Given the investment horizon of 90 days Duluth Holdings is expected to generate 3.21 times more return on investment than HUMANA. However, Duluth Holdings is 3.21 times more volatile than HUMANA INC. It trades about 0.08 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.25 per unit of risk. If you would invest 371.00 in Duluth Holdings on August 28, 2024 and sell it today you would earn a total of 17.00 from holding Duluth Holdings or generate 4.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Duluth Holdings vs. HUMANA INC
Performance |
| Timeline |
| Duluth Holdings |
| HUMANA INC |
Duluth Holdings and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duluth Holdings and HUMANA
The main advantage of trading using opposite Duluth Holdings and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duluth Holdings 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.| Duluth Holdings vs. Zumiez Inc | Duluth Holdings vs. JJill Inc | Duluth Holdings vs. Shoe Carnival | Duluth Holdings vs. Cato Corporation |
| 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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