Correlation Between SPDR Portfolio and HUMANA
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By analyzing existing cross correlation between SPDR Portfolio Aggregate and HUMANA INC, you can compare the effects of market volatilities on SPDR 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 SPDR Portfolio with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR Portfolio and HUMANA.
Diversification Opportunities for SPDR Portfolio and HUMANA
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between SPDR and HUMANA is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Portfolio Aggregate and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and SPDR 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 SPDR Portfolio Aggregate 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 SPDR Portfolio i.e., SPDR Portfolio and HUMANA go up and down completely randomly.
Pair Corralation between SPDR Portfolio and HUMANA
Given the investment horizon of 90 days SPDR Portfolio Aggregate is expected to generate 0.2 times more return on investment than HUMANA. However, SPDR Portfolio Aggregate is 4.97 times less risky than HUMANA. It trades about 0.15 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.15 per unit of risk. If you would invest 2,515 in SPDR Portfolio Aggregate on September 13, 2024 and sell it today you would earn a total of 23.00 from holding SPDR Portfolio Aggregate or generate 0.91% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 95.45% |
Values | Daily Returns |
SPDR Portfolio Aggregate vs. HUMANA INC
Performance |
Timeline |
SPDR Portfolio Aggregate |
HUMANA INC |
SPDR Portfolio and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with SPDR Portfolio and HUMANA
The main advantage of trading using opposite SPDR Portfolio and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR 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.SPDR Portfolio vs. SPDR SP World | SPDR Portfolio vs. SPDR Barclays Intermediate | SPDR Portfolio vs. SPDR Portfolio SP | SPDR Portfolio vs. SPDR Portfolio Emerging |
HUMANA vs. Doubledown Interactive Co | HUMANA vs. Golden Matrix Group | HUMANA vs. Skechers USA | HUMANA vs. NetEase |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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