Correlation Between Franklin Templeton and HUMANA
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By analyzing existing cross correlation between Franklin Templeton Multi Asset and HUMANA INC, you can compare the effects of market volatilities on Franklin Templeton 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 Franklin Templeton with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Franklin Templeton and HUMANA.
Diversification Opportunities for Franklin Templeton and HUMANA
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Franklin and HUMANA is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Templeton Multi Asset and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Franklin Templeton 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 Franklin Templeton Multi Asset 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 Franklin Templeton i.e., Franklin Templeton and HUMANA go up and down completely randomly.
Pair Corralation between Franklin Templeton and HUMANA
Assuming the 90 days horizon Franklin Templeton is expected to generate 243.03 times less return on investment than HUMANA. But when comparing it to its historical volatility, Franklin Templeton Multi Asset is 632.37 times less risky than HUMANA. It trades about 0.21 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 7,917 in HUMANA INC on August 31, 2024 and sell it today you would lose (222.00) from holding HUMANA INC or give up 2.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.32% |
| Values | Daily Returns |
Franklin Templeton Multi Asset vs. HUMANA INC
Performance |
| Timeline |
| Franklin Templeton |
| HUMANA INC |
Franklin Templeton and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Franklin Templeton and HUMANA
The main advantage of trading using opposite Franklin Templeton and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Franklin Templeton 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.| Franklin Templeton vs. Mfs International Diversification | Franklin Templeton vs. HUMANA INC | Franklin Templeton vs. Aquagold International | Franklin Templeton vs. Barloworld Ltd ADR |
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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