Correlation Between Victory Incore and HUMANA
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By analyzing existing cross correlation between Victory Incore Total and HUMANA INC, you can compare the effects of market volatilities on Victory Incore 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 Victory Incore with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Victory Incore and HUMANA.
Diversification Opportunities for Victory Incore and HUMANA
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Victory and HUMANA is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Victory Incore Total and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Victory Incore 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 Victory Incore Total 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 Victory Incore i.e., Victory Incore and HUMANA go up and down completely randomly.
Pair Corralation between Victory Incore and HUMANA
Assuming the 90 days horizon Victory Incore Total is expected to generate 0.3 times more return on investment than HUMANA. However, Victory Incore Total is 3.35 times less risky than HUMANA. It trades about 0.11 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.21 per unit of risk. If you would invest 826.00 in Victory Incore Total on September 1, 2024 and sell it today you would earn a total of 7.00 from holding Victory Incore Total or generate 0.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Victory Incore Total vs. HUMANA INC
Performance |
| Timeline |
| Victory Incore Total |
| HUMANA INC |
Victory Incore and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Victory Incore and HUMANA
The main advantage of trading using opposite Victory Incore and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Victory Incore 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.| Victory Incore vs. Victory Rs International | Victory Incore vs. Victory High Yield | Victory Incore vs. Victory Sycamore Established | Victory Incore vs. Victory Integrity Discovery |
| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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