Correlation Between Brandes Separately and HUMANA
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By analyzing existing cross correlation between Brandes Separately Managed and HUMANA INC, you can compare the effects of market volatilities on Brandes Separately 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 Brandes Separately with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Brandes Separately and HUMANA.
Diversification Opportunities for Brandes Separately and HUMANA
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Brandes and HUMANA is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Brandes Separately Managed and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Brandes Separately 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 Brandes Separately Managed 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 Brandes Separately i.e., Brandes Separately and HUMANA go up and down completely randomly.
Pair Corralation between Brandes Separately and HUMANA
Assuming the 90 days horizon Brandes Separately Managed is expected to generate 0.43 times more return on investment than HUMANA. However, Brandes Separately Managed is 2.34 times less risky than HUMANA. It trades about 0.1 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.05 per unit of risk. If you would invest 796.00 in Brandes Separately Managed on September 4, 2024 and sell it today you would earn a total of 5.00 from holding Brandes Separately Managed or generate 0.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
Brandes Separately Managed vs. HUMANA INC
Performance |
| Timeline |
| Brandes Separately |
| HUMANA INC |
Brandes Separately and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Brandes Separately and HUMANA
The main advantage of trading using opposite Brandes Separately and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Brandes Separately 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.| Brandes Separately vs. John Hancock Money | Brandes Separately vs. Hsbc Treasury Money | Brandes Separately vs. Ashmore Emerging Markets | Brandes Separately vs. Elfun Government Money |
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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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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