Correlation Between Invesco Short and HUMANA
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By analyzing existing cross correlation between Invesco Short Duration and HUMANA INC, you can compare the effects of market volatilities on Invesco Short 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 Invesco Short with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Invesco Short and HUMANA.
Diversification Opportunities for Invesco Short and HUMANA
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Invesco and HUMANA is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Short Duration and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Invesco Short 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 Invesco Short Duration 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 Invesco Short i.e., Invesco Short and HUMANA go up and down completely randomly.
Pair Corralation between Invesco Short and HUMANA
Assuming the 90 days horizon Invesco Short Duration is expected to generate 0.08 times more return on investment than HUMANA. However, Invesco Short Duration is 12.96 times less risky than HUMANA. It trades about 0.16 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.16 per unit of risk. If you would invest 999.00 in Invesco Short Duration on September 1, 2024 and sell it today you would earn a total of 4.00 from holding Invesco Short Duration or generate 0.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Invesco Short Duration vs. HUMANA INC
Performance |
| Timeline |
| Invesco Short Duration |
| HUMANA INC |
Invesco Short and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Invesco Short and HUMANA
The main advantage of trading using opposite Invesco Short and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Invesco Short 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.| Invesco Short vs. Invesco Municipal Income | Invesco Short vs. Invesco Municipal Income | Invesco Short vs. Invesco Municipal Income | Invesco Short vs. Oppenheimer Rising Dividends |
| 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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