Correlation Between Tax-exempt Fund and HUMANA
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By analyzing existing cross correlation between Tax Exempt Fund Of and HUMANA INC, you can compare the effects of market volatilities on Tax-exempt 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 Tax-exempt Fund with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tax-exempt Fund and HUMANA.
Diversification Opportunities for Tax-exempt Fund and HUMANA
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Tax-exempt and HUMANA is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Tax Exempt Fund Of and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Tax-exempt 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 Tax Exempt Fund Of 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 Tax-exempt Fund i.e., Tax-exempt Fund and HUMANA go up and down completely randomly.
Pair Corralation between Tax-exempt Fund and HUMANA
Assuming the 90 days horizon Tax Exempt Fund Of is expected to generate 0.31 times more return on investment than HUMANA. However, Tax Exempt Fund Of is 3.23 times less risky than HUMANA. It trades about 0.15 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.04 per unit of risk. If you would invest 1,630 in Tax Exempt Fund Of on September 1, 2024 and sell it today you would earn a total of 65.00 from holding Tax Exempt Fund Of or generate 3.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.64% |
| Values | Daily Returns |
Tax Exempt Fund Of vs. HUMANA INC
Performance |
| Timeline |
| Tax Exempt Fund |
| HUMANA INC |
Tax-exempt Fund and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tax-exempt Fund and HUMANA
The main advantage of trading using opposite Tax-exempt Fund and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tax-exempt 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.| Tax-exempt Fund vs. Income Fund Of | Tax-exempt Fund vs. New World Fund | Tax-exempt Fund vs. American Mutual Fund | Tax-exempt Fund vs. American Mutual 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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