Correlation Between Thrivent Large and HUMANA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Thrivent Large Cap and HUMANA INC, you can compare the effects of market volatilities on Thrivent Large 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 Thrivent Large with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thrivent Large and HUMANA.
Diversification Opportunities for Thrivent Large and HUMANA
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Thrivent and HUMANA is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Thrivent Large Cap and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Thrivent Large 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 Thrivent Large Cap 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 Thrivent Large i.e., Thrivent Large and HUMANA go up and down completely randomly.
Pair Corralation between Thrivent Large and HUMANA
Assuming the 90 days horizon Thrivent Large Cap is expected to generate 1.58 times more return on investment than HUMANA. However, Thrivent Large is 1.58 times more volatile than HUMANA INC. It trades about 0.11 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.04 per unit of risk. If you would invest 2,009 in Thrivent Large Cap on September 1, 2024 and sell it today you would earn a total of 303.00 from holding Thrivent Large Cap or generate 15.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.41% |
| Values | Daily Returns |
Thrivent Large Cap vs. HUMANA INC
Performance |
| Timeline |
| Thrivent Large Cap |
| HUMANA INC |
Thrivent Large and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thrivent Large and HUMANA
The main advantage of trading using opposite Thrivent Large and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thrivent Large 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.| Thrivent Large vs. Tekla Healthcare Opportunities | Thrivent Large vs. Baron Health Care | Thrivent Large vs. The Gabelli Healthcare | Thrivent Large vs. Prudential Health Sciences |
| 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |