Correlation Between HUMANA and Ab Growth
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By analyzing existing cross correlation between HUMANA INC and Ab Growth Fund, you can compare the effects of market volatilities on HUMANA and Ab Growth 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 Ab Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Ab Growth.
Diversification Opportunities for HUMANA and Ab Growth
Excellent diversification
The 3 months correlation between HUMANA and AGRFX is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Ab Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ab Growth Fund 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 Ab Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ab Growth Fund has no effect on the direction of HUMANA i.e., HUMANA and Ab Growth go up and down completely randomly.
Pair Corralation between HUMANA and Ab Growth
Assuming the 90 days trading horizon HUMANA INC is expected to generate 86.88 times more return on investment than Ab Growth. However, HUMANA is 86.88 times more volatile than Ab Growth Fund. It trades about 0.08 of its potential returns per unit of risk. Ab Growth Fund is currently generating about 0.1 per unit of risk. If you would invest 7,887 in HUMANA INC on September 1, 2024 and sell it today you would lose (192.00) from holding HUMANA INC or give up 2.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.31% |
| Values | Daily Returns |
HUMANA INC vs. Ab Growth Fund
Performance |
| Timeline |
| HUMANA INC |
| Ab Growth Fund |
HUMANA and Ab Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Ab Growth
The main advantage of trading using opposite HUMANA and Ab Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Ab Growth 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 Ab Growth will offset losses from the drop in Ab Growth's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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