Correlation Between Cohen Steers and HUMANA
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By analyzing existing cross correlation between Cohen Steers Mlp and HUMANA INC, you can compare the effects of market volatilities on Cohen Steers 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 Cohen Steers with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cohen Steers and HUMANA.
Diversification Opportunities for Cohen Steers and HUMANA
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cohen and HUMANA is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Cohen Steers Mlp and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Cohen Steers 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 Cohen Steers Mlp 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 Cohen Steers i.e., Cohen Steers and HUMANA go up and down completely randomly.
Pair Corralation between Cohen Steers and HUMANA
Assuming the 90 days horizon Cohen Steers is expected to generate 97.41 times less return on investment than HUMANA. But when comparing it to its historical volatility, Cohen Steers Mlp is 90.21 times less risky than HUMANA. It trades about 0.07 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 8,028 in HUMANA INC on August 30, 2024 and sell it today you would lose (333.00) from holding HUMANA INC or give up 4.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 93.74% |
| Values | Daily Returns |
Cohen Steers Mlp vs. HUMANA INC
Performance |
| Timeline |
| Cohen Steers Mlp |
| HUMANA INC |
Cohen Steers and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cohen Steers and HUMANA
The main advantage of trading using opposite Cohen Steers and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cohen Steers 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.| Cohen Steers vs. HUMANA INC | Cohen Steers vs. Aquagold International | Cohen Steers vs. Barloworld Ltd ADR | Cohen Steers vs. Morningstar Unconstrained Allocation |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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