Correlation Between Nuveen Ohio and HUMANA
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By analyzing existing cross correlation between Nuveen Ohio Municipal and HUMANA INC, you can compare the effects of market volatilities on Nuveen 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 Nuveen Ohio with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuveen Ohio and HUMANA.
Diversification Opportunities for Nuveen Ohio and HUMANA
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nuveen and HUMANA is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen 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 Nuveen 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 Nuveen 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 Nuveen Ohio i.e., Nuveen Ohio and HUMANA go up and down completely randomly.
Pair Corralation between Nuveen Ohio and HUMANA
Assuming the 90 days horizon Nuveen Ohio Municipal is expected to generate 0.26 times more return on investment than HUMANA. However, Nuveen Ohio Municipal is 3.84 times less risky than HUMANA. It trades about -0.03 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.21 per unit of risk. If you would invest 1,095 in Nuveen Ohio Municipal on August 31, 2024 and sell it today you would lose (4.00) from holding Nuveen Ohio Municipal or give up 0.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 97.73% |
| Values | Daily Returns |
Nuveen Ohio Municipal vs. HUMANA INC
Performance |
| Timeline |
| Nuveen Ohio Municipal |
| HUMANA INC |
Nuveen Ohio and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuveen Ohio and HUMANA
The main advantage of trading using opposite Nuveen Ohio and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuveen 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.| Nuveen Ohio vs. Vanguard Ohio Long Term | Nuveen Ohio vs. Franklin Ohio Tax Free | Nuveen Ohio vs. Fidelity Ohio Municipal | Nuveen Ohio vs. HUMANA INC |
| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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