Correlation Between HUMANA and Allianzgi Nfj
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Allianzgi Nfj International, you can compare the effects of market volatilities on HUMANA and Allianzgi Nfj 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 Allianzgi Nfj. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Allianzgi Nfj.
Diversification Opportunities for HUMANA and Allianzgi Nfj
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Allianzgi is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Allianzgi Nfj International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allianzgi Nfj Intern 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 Allianzgi Nfj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allianzgi Nfj Intern has no effect on the direction of HUMANA i.e., HUMANA and Allianzgi Nfj go up and down completely randomly.
Pair Corralation between HUMANA and Allianzgi Nfj
Assuming the 90 days trading horizon HUMANA INC is expected to generate 82.74 times more return on investment than Allianzgi Nfj. However, HUMANA is 82.74 times more volatile than Allianzgi Nfj International. It trades about 0.07 of its potential returns per unit of risk. Allianzgi Nfj International is currently generating about 0.02 per unit of risk. If you would invest 8,074 in HUMANA INC on September 3, 2024 and sell it today you would lose (39.00) from holding HUMANA INC or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. Allianzgi Nfj International
Performance |
| Timeline |
| HUMANA INC |
| Allianzgi Nfj Intern |
HUMANA and Allianzgi Nfj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Allianzgi Nfj
The main advantage of trading using opposite HUMANA and Allianzgi Nfj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Allianzgi Nfj 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 Allianzgi Nfj will offset losses from the drop in Allianzgi Nfj's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Allianzgi Nfj vs. Avantis Large Cap | Allianzgi Nfj vs. Dunham Large Cap | Allianzgi Nfj vs. Qs Large Cap | Allianzgi Nfj vs. Touchstone Large Cap |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |