Correlation Between Voya Solution and HUMANA
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By analyzing existing cross correlation between Voya Solution Income and HUMANA INC, you can compare the effects of market volatilities on Voya Solution 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 Voya Solution with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Solution and HUMANA.
Diversification Opportunities for Voya Solution and HUMANA
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Voya and HUMANA is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Voya Solution Income and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Voya Solution 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 Voya Solution Income 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 Voya Solution i.e., Voya Solution and HUMANA go up and down completely randomly.
Pair Corralation between Voya Solution and HUMANA
Assuming the 90 days horizon Voya Solution Income is expected to generate 0.29 times more return on investment than HUMANA. However, Voya Solution Income is 3.46 times less risky than HUMANA. It trades about 0.17 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.09 per unit of risk. If you would invest 1,069 in Voya Solution Income on November 27, 2024 and sell it today you would earn a total of 10.00 from holding Voya Solution Income or generate 0.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Voya Solution Income vs. HUMANA INC
Performance |
| Timeline |
| Voya Solution Income |
| HUMANA INC |
Voya Solution and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya Solution and HUMANA
The main advantage of trading using opposite Voya Solution and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Solution 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.| Voya Solution vs. Jpmorgan Diversified Fund | Voya Solution vs. Fidelity Advisor Diversified | Voya Solution vs. Elfun Diversified Fund | Voya Solution vs. Blackrock Diversified Fixed |
| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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