Correlation Between HUMANA and Artisan International
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By analyzing existing cross correlation between HUMANA INC and Artisan International Small Mid, you can compare the effects of market volatilities on HUMANA and Artisan International 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 Artisan International. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Artisan International.
Diversification Opportunities for HUMANA and Artisan International
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and Artisan is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Artisan International Small Mi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Artisan International 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 Artisan International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Artisan International has no effect on the direction of HUMANA i.e., HUMANA and Artisan International go up and down completely randomly.
Pair Corralation between HUMANA and Artisan International
Assuming the 90 days trading horizon HUMANA INC is expected to generate 86.66 times more return on investment than Artisan International. However, HUMANA is 86.66 times more volatile than Artisan International Small Mid. It trades about 0.07 of its potential returns per unit of risk. Artisan International Small Mid is currently generating about 0.03 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 Together |
| Strength | Very Weak |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. Artisan International Small Mi
Performance |
| Timeline |
| HUMANA INC |
| Artisan International |
HUMANA and Artisan International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Artisan International
The main advantage of trading using opposite HUMANA and Artisan International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Artisan International 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 Artisan International will offset losses from the drop in Artisan International's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Artisan International vs. Oppenheimer Intl Small | Artisan International vs. Oppenheimer Intl Small | Artisan International vs. HUMANA INC | Artisan International vs. Aquagold International |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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