Correlation Between IShares MSCI and HUMANA
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By analyzing existing cross correlation between iShares MSCI Chile and HUMANA INC, you can compare the effects of market volatilities on IShares MSCI 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 IShares MSCI with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of IShares MSCI and HUMANA.
Diversification Opportunities for IShares MSCI and HUMANA
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between IShares and HUMANA is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding iShares MSCI Chile and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and IShares MSCI 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 iShares MSCI Chile 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 IShares MSCI i.e., IShares MSCI and HUMANA go up and down completely randomly.
Pair Corralation between IShares MSCI and HUMANA
Considering the 90-day investment horizon iShares MSCI Chile is expected to under-perform the HUMANA. But the etf apears to be less risky and, when comparing its historical volatility, iShares MSCI Chile is 69.13 times less risky than HUMANA. The etf trades about -0.02 of its potential returns per unit of risk. The HUMANA INC is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 7,887 in HUMANA INC on September 1, 2024 and sell it today you would lose (192.00) from holding HUMANA INC or give up 2.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.31% |
| Values | Daily Returns |
iShares MSCI Chile vs. HUMANA INC
Performance |
| Timeline |
| iShares MSCI Chile |
| HUMANA INC |
IShares MSCI and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IShares MSCI and HUMANA
The main advantage of trading using opposite IShares MSCI and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IShares MSCI 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.| IShares MSCI vs. iShares MSCI Peru | IShares MSCI vs. iShares MSCI Thailand | IShares MSCI vs. iShares MSCI Turkey | IShares MSCI vs. iShares MSCI South |
| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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