Correlation Between Fidelity Ohio and HUMANA
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By analyzing existing cross correlation between Fidelity Ohio Municipal and HUMANA INC, you can compare the effects of market volatilities on Fidelity Ohio 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 Ohio with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Ohio and HUMANA.
Diversification Opportunities for Fidelity Ohio and HUMANA
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Fidelity and HUMANA is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Ohio Municipal and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Fidelity Ohio 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 Ohio Municipal 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 Ohio i.e., Fidelity Ohio and HUMANA go up and down completely randomly.
Pair Corralation between Fidelity Ohio and HUMANA
Assuming the 90 days horizon Fidelity Ohio is expected to generate 416.31 times less return on investment than HUMANA. But when comparing it to its historical volatility, Fidelity Ohio Municipal is 385.38 times less risky than HUMANA. It trades about 0.07 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 8,078 in HUMANA INC on August 31, 2024 and sell it today you would lose (383.00) from holding HUMANA INC or give up 4.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 94.34% |
| Values | Daily Returns |
Fidelity Ohio Municipal vs. HUMANA INC
Performance |
| Timeline |
| Fidelity Ohio Municipal |
| HUMANA INC |
Fidelity Ohio and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Ohio and HUMANA
The main advantage of trading using opposite Fidelity Ohio and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Ohio 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 Ohio vs. Fidelity Pennsylvania Municipal | Fidelity Ohio vs. Fidelity Michigan Municipal | Fidelity Ohio vs. Fidelity Arizona Municipal | Fidelity Ohio vs. Fidelity Necticut Municipal |
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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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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