Correlation Between Harding Loevner and HUMANA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harding Loevner Funds and HUMANA INC, you can compare the effects of market volatilities on Harding Loevner 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 Harding Loevner with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harding Loevner and HUMANA.
Diversification Opportunities for Harding Loevner and HUMANA
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Harding and HUMANA is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Harding Loevner Funds and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Harding Loevner 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 Harding Loevner Funds 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 Harding Loevner i.e., Harding Loevner and HUMANA go up and down completely randomly.
Pair Corralation between Harding Loevner and HUMANA
Assuming the 90 days horizon Harding Loevner Funds is expected to under-perform the HUMANA. But the mutual fund apears to be less risky and, when comparing its historical volatility, Harding Loevner Funds is 1.13 times less risky than HUMANA. The mutual fund trades about -0.18 of its potential returns per unit of risk. The HUMANA INC is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 8,090 in HUMANA INC on September 4, 2024 and sell it today you would lose (55.00) from holding HUMANA INC or give up 0.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
Harding Loevner Funds vs. HUMANA INC
Performance |
| Timeline |
| Harding Loevner Funds |
| HUMANA INC |
Harding Loevner and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harding Loevner and HUMANA
The main advantage of trading using opposite Harding Loevner and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harding Loevner 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.| Harding Loevner vs. Rbb Fund | Harding Loevner vs. Volumetric Fund Volumetric | Harding Loevner vs. T Rowe Price | Harding Loevner vs. Fm Investments Large |
| HUMANA vs. Usio Inc | HUMANA vs. MACOM Technology Solutions | HUMANA vs. Amkor Technology | HUMANA vs. Analog Devices |
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.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |