Correlation Between Amcap Fund and HUMANA
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By analyzing existing cross correlation between Amcap Fund Class and HUMANA INC, you can compare the effects of market volatilities on Amcap Fund 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 Amcap Fund with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amcap Fund and HUMANA.
Diversification Opportunities for Amcap Fund and HUMANA
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Amcap and HUMANA is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Amcap Fund Class and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Amcap Fund 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 Amcap Fund Class 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 Amcap Fund i.e., Amcap Fund and HUMANA go up and down completely randomly.
Pair Corralation between Amcap Fund and HUMANA
Assuming the 90 days horizon Amcap Fund Class is expected to generate 1.58 times more return on investment than HUMANA. However, Amcap Fund is 1.58 times more volatile than HUMANA INC. It trades about 0.13 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.11 per unit of risk. If you would invest 4,415 in Amcap Fund Class on August 28, 2024 and sell it today you would earn a total of 311.00 from holding Amcap Fund Class or generate 7.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.31% |
| Values | Daily Returns |
Amcap Fund Class vs. HUMANA INC
Performance |
| Timeline |
| Amcap Fund Class |
| HUMANA INC |
Amcap Fund and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amcap Fund and HUMANA
The main advantage of trading using opposite Amcap Fund and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amcap Fund 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.| Amcap Fund vs. Ab Value Fund | Amcap Fund vs. Materials Portfolio Fidelity | Amcap Fund vs. Ab Global Risk | Amcap Fund vs. Volumetric Fund Volumetric |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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