Correlation Between Fidelity Advisor and HUMANA
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By analyzing existing cross correlation between Fidelity Advisor Energy and HUMANA INC, you can compare the effects of market volatilities on Fidelity Advisor 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 Fidelity Advisor with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Advisor and HUMANA.
Diversification Opportunities for Fidelity Advisor and HUMANA
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Fidelity and HUMANA is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Energy and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Fidelity Advisor 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 Fidelity Advisor Energy 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 Fidelity Advisor i.e., Fidelity Advisor and HUMANA go up and down completely randomly.
Pair Corralation between Fidelity Advisor and HUMANA
Assuming the 90 days horizon Fidelity Advisor Energy is expected to generate 2.17 times more return on investment than HUMANA. However, Fidelity Advisor is 2.17 times more volatile than HUMANA INC. It trades about 0.02 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.01 per unit of risk. If you would invest 4,671 in Fidelity Advisor Energy on September 3, 2024 and sell it today you would earn a total of 130.00 from holding Fidelity Advisor Energy or generate 2.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.6% |
| Values | Daily Returns |
Fidelity Advisor Energy vs. HUMANA INC
Performance |
| Timeline |
| Fidelity Advisor Energy |
| HUMANA INC |
Fidelity Advisor and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Advisor and HUMANA
The main advantage of trading using opposite Fidelity Advisor and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Advisor 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.| Fidelity Advisor vs. Barings Emerging Markets | Fidelity Advisor vs. Western Assets Emerging | Fidelity Advisor vs. Artisan Emerging Markets | Fidelity Advisor vs. Rbc Emerging Markets |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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