Correlation Between Fpa Flexible and HUMANA
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By analyzing existing cross correlation between Fpa Flexible Fixed and HUMANA INC, you can compare the effects of market volatilities on Fpa Flexible 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 Fpa Flexible with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fpa Flexible and HUMANA.
Diversification Opportunities for Fpa Flexible and HUMANA
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Fpa and HUMANA is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Fpa Flexible Fixed and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Fpa Flexible 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 Fpa Flexible Fixed 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 Fpa Flexible i.e., Fpa Flexible and HUMANA go up and down completely randomly.
Pair Corralation between Fpa Flexible and HUMANA
Assuming the 90 days horizon Fpa Flexible Fixed is expected to generate 0.27 times more return on investment than HUMANA. However, Fpa Flexible Fixed is 3.66 times less risky than HUMANA. It trades about 0.14 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.04 per unit of risk. If you would invest 985.00 in Fpa Flexible Fixed on September 1, 2024 and sell it today you would earn a total of 33.00 from holding Fpa Flexible Fixed or generate 3.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.64% |
| Values | Daily Returns |
Fpa Flexible Fixed vs. HUMANA INC
Performance |
| Timeline |
| Fpa Flexible Fixed |
| HUMANA INC |
Fpa Flexible and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fpa Flexible and HUMANA
The main advantage of trading using opposite Fpa Flexible and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fpa Flexible 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.| Fpa Flexible vs. Pimco Corporate Income | Fpa Flexible vs. Fpa Flexible Fixed | Fpa Flexible vs. Fpa Queens Road | Fpa Flexible vs. Fpa Queens Road |
| 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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