Correlation Between Eventide Multi-asset and HUMANA
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By analyzing existing cross correlation between Eventide Multi Asset Income and HUMANA INC, you can compare the effects of market volatilities on Eventide Multi-asset 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 Eventide Multi-asset with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eventide Multi-asset and HUMANA.
Diversification Opportunities for Eventide Multi-asset and HUMANA
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Eventide and HUMANA is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Eventide Multi Asset Income and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Eventide Multi-asset 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 Eventide Multi Asset Income 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 Eventide Multi-asset i.e., Eventide Multi-asset and HUMANA go up and down completely randomly.
Pair Corralation between Eventide Multi-asset and HUMANA
Assuming the 90 days horizon Eventide Multi Asset Income is expected to generate 0.46 times more return on investment than HUMANA. However, Eventide Multi Asset Income is 2.18 times less risky than HUMANA. It trades about 0.29 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.22 per unit of risk. If you would invest 1,454 in Eventide Multi Asset Income on August 30, 2024 and sell it today you would earn a total of 49.00 from holding Eventide Multi Asset Income or generate 3.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Eventide Multi Asset Income vs. HUMANA INC
Performance |
| Timeline |
| Eventide Multi Asset |
| HUMANA INC |
Eventide Multi-asset and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eventide Multi-asset and HUMANA
The main advantage of trading using opposite Eventide Multi-asset and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eventide Multi-asset 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.| Eventide Multi-asset vs. American Balanced Fund | Eventide Multi-asset vs. American Balanced Fund | Eventide Multi-asset vs. HUMANA INC | Eventide Multi-asset vs. Aquagold International |
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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