Correlation Between The Hartford and HUMANA
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By analyzing existing cross correlation between The Hartford Growth and HUMANA INC, you can compare the effects of market volatilities on The Hartford 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 The Hartford with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of The Hartford and HUMANA.
Diversification Opportunities for The Hartford and HUMANA
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between The and HUMANA is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding The Hartford Growth and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and The Hartford 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 The Hartford Growth 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 The Hartford i.e., The Hartford and HUMANA go up and down completely randomly.
Pair Corralation between The Hartford and HUMANA
Assuming the 90 days horizon The Hartford Growth is expected to generate 1.48 times more return on investment than HUMANA. However, The Hartford is 1.48 times more volatile than HUMANA INC. It trades about 0.18 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.16 per unit of risk. If you would invest 5,308 in The Hartford Growth on August 28, 2024 and sell it today you would earn a total of 416.00 from holding The Hartford Growth or generate 7.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.35% |
| Values | Daily Returns |
The Hartford Growth vs. HUMANA INC
Performance |
| Timeline |
| Hartford Growth |
| HUMANA INC |
The Hartford and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with The Hartford and HUMANA
The main advantage of trading using opposite The Hartford and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if The Hartford 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.| The Hartford vs. Jp Morgan Smartretirement | The Hartford vs. Lifestyle Ii Moderate | The Hartford vs. Fidelity Managed Retirement | The Hartford vs. Saat Moderate Strategy |
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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