Correlation Between FLIY and HUMANA
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By analyzing existing cross correlation between FLIY and HUMANA INC, you can compare the effects of market volatilities on FLIY 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 FLIY with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of FLIY and HUMANA.
Diversification Opportunities for FLIY and HUMANA
Very good diversification
The 3 months correlation between FLIY and HUMANA is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding FLIY and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and FLIY 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 FLIY 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 FLIY i.e., FLIY and HUMANA go up and down completely randomly.
Pair Corralation between FLIY and HUMANA
If you would invest 2,746 in FLIY on September 1, 2024 and sell it today you would earn a total of 0.00 from holding FLIY or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
FLIY vs. HUMANA INC
Performance |
| Timeline |
| FLIY |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| HUMANA INC |
FLIY and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FLIY and HUMANA
The main advantage of trading using opposite FLIY and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FLIY 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.| FLIY vs. HUMANA INC | FLIY vs. SCOR PK | FLIY vs. Aquagold International | FLIY vs. Ab Pennsylvania Portfolio |
| 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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