Correlation Between Oppenheimer Cap and HUMANA
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By analyzing existing cross correlation between Oppenheimer Cap Apprec and HUMANA INC, you can compare the effects of market volatilities on Oppenheimer Cap 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 Oppenheimer Cap with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Cap and HUMANA.
Diversification Opportunities for Oppenheimer Cap and HUMANA
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oppenheimer and HUMANA is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Cap Apprec and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Oppenheimer Cap 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 Oppenheimer Cap Apprec 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 Oppenheimer Cap i.e., Oppenheimer Cap and HUMANA go up and down completely randomly.
Pair Corralation between Oppenheimer Cap and HUMANA
Assuming the 90 days horizon Oppenheimer Cap Apprec is expected to generate 0.66 times more return on investment than HUMANA. However, Oppenheimer Cap Apprec is 1.52 times less risky than HUMANA. It trades about 0.3 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.16 per unit of risk. If you would invest 7,143 in Oppenheimer Cap Apprec on September 1, 2024 and sell it today you would earn a total of 460.00 from holding Oppenheimer Cap Apprec or generate 6.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Oppenheimer Cap Apprec vs. HUMANA INC
Performance |
| Timeline |
| Oppenheimer Cap Apprec |
| HUMANA INC |
Oppenheimer Cap and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Cap and HUMANA
The main advantage of trading using opposite Oppenheimer Cap and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Cap 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.| Oppenheimer Cap vs. Oppenheimer Main Street | Oppenheimer Cap vs. Oppenheimer Intl Small | Oppenheimer Cap vs. Oppenheimer Main Street | Oppenheimer Cap vs. Oppenheimer Global Strtgc |
| 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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