Correlation Between Nuveen Massachusetts and HUMANA
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By analyzing existing cross correlation between Nuveen Massachusetts Municipal and HUMANA INC, you can compare the effects of market volatilities on Nuveen Massachusetts 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 Nuveen Massachusetts with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuveen Massachusetts and HUMANA.
Diversification Opportunities for Nuveen Massachusetts and HUMANA
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Nuveen and HUMANA is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Massachusetts Municipal and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Nuveen Massachusetts 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 Nuveen Massachusetts 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 Nuveen Massachusetts i.e., Nuveen Massachusetts and HUMANA go up and down completely randomly.
Pair Corralation between Nuveen Massachusetts and HUMANA
Assuming the 90 days horizon Nuveen Massachusetts Municipal is expected to generate 0.35 times more return on investment than HUMANA. However, Nuveen Massachusetts Municipal is 2.89 times less risky than HUMANA. It trades about 0.13 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.01 per unit of risk. If you would invest 910.00 in Nuveen Massachusetts Municipal on September 3, 2024 and sell it today you would earn a total of 29.00 from holding Nuveen Massachusetts Municipal or generate 3.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.6% |
| Values | Daily Returns |
Nuveen Massachusetts Municipal vs. HUMANA INC
Performance |
| Timeline |
| Nuveen Massachusetts |
| HUMANA INC |
Nuveen Massachusetts and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuveen Massachusetts and HUMANA
The main advantage of trading using opposite Nuveen Massachusetts and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuveen Massachusetts 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.| Nuveen Massachusetts vs. Balanced Fund Retail | Nuveen Massachusetts vs. Rbc Global Equity | Nuveen Massachusetts vs. Sarofim Equity | Nuveen Massachusetts vs. Calamos Global Equity |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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