Correlation Between Pimco Global and HUMANA
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By analyzing existing cross correlation between Pimco Global Multi Asset and HUMANA INC, you can compare the effects of market volatilities on Pimco Global 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 Pimco Global with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pimco Global and HUMANA.
Diversification Opportunities for Pimco Global and HUMANA
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Pimco and HUMANA is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Pimco Global Multi Asset and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Pimco Global 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 Pimco Global Multi Asset 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 Pimco Global i.e., Pimco Global and HUMANA go up and down completely randomly.
Pair Corralation between Pimco Global and HUMANA
Assuming the 90 days horizon Pimco Global Multi Asset is expected to generate 0.53 times more return on investment than HUMANA. However, Pimco Global Multi Asset is 1.87 times less risky than HUMANA. It trades about 0.28 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.05 per unit of risk. If you would invest 1,437 in Pimco Global Multi Asset on September 4, 2024 and sell it today you would earn a total of 32.00 from holding Pimco Global Multi Asset or generate 2.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
Pimco Global Multi Asset vs. HUMANA INC
Performance |
| Timeline |
| Pimco Global Multi |
| HUMANA INC |
Pimco Global and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pimco Global and HUMANA
The main advantage of trading using opposite Pimco Global and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pimco Global 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.| Pimco Global vs. Fidelity Advisor Energy | Pimco Global vs. Energy Basic Materials | Pimco Global vs. Energy Basic Materials | Pimco Global vs. Icon Natural Resources |
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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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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