Correlation Between Blackrock National and HUMANA
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By analyzing existing cross correlation between Blackrock National Municipal and HUMANA INC, you can compare the effects of market volatilities on Blackrock National 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 Blackrock National with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blackrock National and HUMANA.
Diversification Opportunities for Blackrock National and HUMANA
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Blackrock and HUMANA is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Blackrock National Municipal and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Blackrock National 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 Blackrock National Municipal 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 Blackrock National i.e., Blackrock National and HUMANA go up and down completely randomly.
Pair Corralation between Blackrock National and HUMANA
Assuming the 90 days horizon Blackrock National Municipal is expected to generate 0.28 times more return on investment than HUMANA. However, Blackrock National Municipal is 3.58 times less risky than HUMANA. It trades about 0.09 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.02 per unit of risk. If you would invest 981.00 in Blackrock National Municipal on September 2, 2024 and sell it today you would earn a total of 40.00 from holding Blackrock National Municipal or generate 4.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 97.58% |
| Values | Daily Returns |
Blackrock National Municipal vs. HUMANA INC
Performance |
| Timeline |
| Blackrock National |
| HUMANA INC |
Blackrock National and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blackrock National and HUMANA
The main advantage of trading using opposite Blackrock National and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blackrock National 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.| Blackrock National vs. Blackrock California Municipal | Blackrock National vs. Blackrock Balanced Capital | Blackrock National vs. Blackrock Eurofund Class | Blackrock National vs. Blackrock Funds |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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