Correlation Between Loomis Sayles and HUMANA
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By analyzing existing cross correlation between Loomis Sayles Global and HUMANA INC, you can compare the effects of market volatilities on Loomis Sayles 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 Loomis Sayles with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loomis Sayles and HUMANA.
Diversification Opportunities for Loomis Sayles and HUMANA
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Loomis and HUMANA is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Loomis Sayles Global and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Loomis Sayles 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 Loomis Sayles Global 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 Loomis Sayles i.e., Loomis Sayles and HUMANA go up and down completely randomly.
Pair Corralation between Loomis Sayles and HUMANA
Assuming the 90 days horizon Loomis Sayles is expected to generate 746.58 times less return on investment than HUMANA. But when comparing it to its historical volatility, Loomis Sayles Global is 188.13 times less risky than HUMANA. It trades about 0.02 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 8,074 in HUMANA INC on September 3, 2024 and sell it today you would lose (39.00) from holding HUMANA INC or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 93.74% |
| Values | Daily Returns |
Loomis Sayles Global vs. HUMANA INC
Performance |
| Timeline |
| Loomis Sayles Global |
| HUMANA INC |
Loomis Sayles and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loomis Sayles and HUMANA
The main advantage of trading using opposite Loomis Sayles and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loomis Sayles 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.| Loomis Sayles vs. Loomis Sayles Bond | Loomis Sayles vs. T Rowe Price | Loomis Sayles vs. Westcore Plus Bond | Loomis Sayles vs. Aberdeen Global High |
| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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