Correlation Between Portfolio and HUMANA
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By analyzing existing cross correlation between Portfolio 21 Global and HUMANA INC, you can compare the effects of market volatilities on Portfolio 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 Portfolio with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Portfolio and HUMANA.
Diversification Opportunities for Portfolio and HUMANA
Good diversification
The 3 months correlation between Portfolio and HUMANA is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Portfolio 21 Global and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Portfolio 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 Portfolio 21 Global 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 Portfolio i.e., Portfolio and HUMANA go up and down completely randomly.
Pair Corralation between Portfolio and HUMANA
Assuming the 90 days horizon Portfolio 21 Global is expected to generate 1.11 times more return on investment than HUMANA. However, Portfolio is 1.11 times more volatile than HUMANA INC. It trades about 0.06 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.03 per unit of risk. If you would invest 5,905 in Portfolio 21 Global on September 1, 2024 and sell it today you would earn a total of 454.00 from holding Portfolio 21 Global or generate 7.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.35% |
| Values | Daily Returns |
Portfolio 21 Global vs. HUMANA INC
Performance |
| Timeline |
| Portfolio 21 Global |
| HUMANA INC |
Portfolio and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Portfolio and HUMANA
The main advantage of trading using opposite Portfolio and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Portfolio 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.| Portfolio vs. New Alternatives Fund | Portfolio vs. Green Century Equity | Portfolio vs. Green Century Balanced | Portfolio vs. Neuberger Berman Socially |
| 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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