Correlation Between Energy Fund and HUMANA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Energy Fund Investor and HUMANA INC, you can compare the effects of market volatilities on Energy 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 Energy Fund with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Energy Fund and HUMANA.
Diversification Opportunities for Energy Fund and HUMANA
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Energy and HUMANA is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Energy Fund Investor and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Energy 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 Energy Fund Investor 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 Energy Fund i.e., Energy Fund and HUMANA go up and down completely randomly.
Pair Corralation between Energy Fund and HUMANA
Assuming the 90 days horizon Energy Fund Investor is expected to generate 1.75 times more return on investment than HUMANA. However, Energy Fund is 1.75 times more volatile than HUMANA INC. It trades about 0.01 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.04 per unit of risk. If you would invest 27,770 in Energy Fund Investor on September 1, 2024 and sell it today you would earn a total of 276.00 from holding Energy Fund Investor or generate 0.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.64% |
| Values | Daily Returns |
Energy Fund Investor vs. HUMANA INC
Performance |
| Timeline |
| Energy Fund Investor |
| HUMANA INC |
Energy Fund and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Energy Fund and HUMANA
The main advantage of trading using opposite Energy Fund and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Energy 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.| Energy Fund vs. Basic Materials Fund | Energy Fund vs. Electronics Fund Investor | Energy Fund vs. Health Care Fund | Energy Fund vs. Precious Metals Fund |
| 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |