Correlation Between Fidelity Stock and HUMANA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Fidelity Stock Selector and HUMANA INC, you can compare the effects of market volatilities on Fidelity Stock 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 Stock with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Stock and HUMANA.
Diversification Opportunities for Fidelity Stock and HUMANA
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Fidelity and HUMANA is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Stock Selector and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Fidelity Stock 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 Stock Selector 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 Stock i.e., Fidelity Stock and HUMANA go up and down completely randomly.
Pair Corralation between Fidelity Stock and HUMANA
Assuming the 90 days horizon Fidelity Stock Selector is expected to generate 0.54 times more return on investment than HUMANA. However, Fidelity Stock Selector is 1.86 times less risky than HUMANA. It trades about 0.42 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.16 per unit of risk. If you would invest 8,026 in Fidelity Stock Selector on September 1, 2024 and sell it today you would earn a total of 576.00 from holding Fidelity Stock Selector or generate 7.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Fidelity Stock Selector vs. HUMANA INC
Performance |
| Timeline |
| Fidelity Stock Selector |
| HUMANA INC |
Fidelity Stock and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Stock and HUMANA
The main advantage of trading using opposite Fidelity Stock and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Stock 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 Stock vs. Fidelity Disciplined Equity | Fidelity Stock vs. Fidelity Trend Fund | Fidelity Stock vs. Fidelity Stock Selector | Fidelity Stock vs. Ab Flexfee Thematic |
| 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |