Correlation Between HUMANA and Thrivent Small
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By analyzing existing cross correlation between HUMANA INC and Thrivent Small Cap, you can compare the effects of market volatilities on HUMANA and Thrivent Small 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 HUMANA with a short position of Thrivent Small. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Thrivent Small.
Diversification Opportunities for HUMANA and Thrivent Small
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Thrivent is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Thrivent Small Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thrivent Small Cap and HUMANA 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 HUMANA INC are associated (or correlated) with Thrivent Small. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thrivent Small Cap has no effect on the direction of HUMANA i.e., HUMANA and Thrivent Small go up and down completely randomly.
Pair Corralation between HUMANA and Thrivent Small
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Thrivent Small. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.26 times less risky than Thrivent Small. The bond trades about -0.21 of its potential returns per unit of risk. The Thrivent Small Cap is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 2,415 in Thrivent Small Cap on August 31, 2024 and sell it today you would earn a total of 162.00 from holding Thrivent Small Cap or generate 6.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Thrivent Small Cap
Performance |
| Timeline |
| HUMANA INC |
| Thrivent Small Cap |
HUMANA and Thrivent Small Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Thrivent Small
The main advantage of trading using opposite HUMANA and Thrivent Small positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Thrivent Small 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 Thrivent Small will offset losses from the drop in Thrivent Small's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Thrivent Small vs. Vanguard Small Cap Index | Thrivent Small vs. T Rowe Price | Thrivent Small vs. HUMANA INC | Thrivent Small vs. SCOR PK |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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