Correlation Between Guggenheim Macro and HUMANA
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By analyzing existing cross correlation between Guggenheim Macro Opportunities and HUMANA INC, you can compare the effects of market volatilities on Guggenheim Macro 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 Guggenheim Macro with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guggenheim Macro and HUMANA.
Diversification Opportunities for Guggenheim Macro and HUMANA
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Guggenheim and HUMANA is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Guggenheim Macro Opportunities and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Guggenheim Macro 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 Guggenheim Macro Opportunities 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 Guggenheim Macro i.e., Guggenheim Macro and HUMANA go up and down completely randomly.
Pair Corralation between Guggenheim Macro and HUMANA
Assuming the 90 days horizon Guggenheim Macro Opportunities is expected to generate 0.21 times more return on investment than HUMANA. However, Guggenheim Macro Opportunities is 4.69 times less risky than HUMANA. It trades about 0.24 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.03 per unit of risk. If you would invest 2,330 in Guggenheim Macro Opportunities on September 1, 2024 and sell it today you would earn a total of 151.00 from holding Guggenheim Macro Opportunities or generate 6.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.87% |
| Values | Daily Returns |
Guggenheim Macro Opportunities vs. HUMANA INC
Performance |
| Timeline |
| Guggenheim Macro Opp |
| HUMANA INC |
Guggenheim Macro and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guggenheim Macro and HUMANA
The main advantage of trading using opposite Guggenheim Macro and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guggenheim Macro 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.| Guggenheim Macro vs. Guggenheim Total Return | Guggenheim Macro vs. Guggenheim Floating Rate | Guggenheim Macro vs. Pimco Incme Fund | Guggenheim Macro vs. Calamos Market Neutral |
| 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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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