Correlation Between HUMANA and Artisan Thematic
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By analyzing existing cross correlation between HUMANA INC and Artisan Thematic Fund, you can compare the effects of market volatilities on HUMANA and Artisan Thematic 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 Thematic. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Artisan Thematic.
Diversification Opportunities for HUMANA and Artisan Thematic
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Artisan is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Artisan Thematic Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Artisan Thematic 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 Thematic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Artisan Thematic has no effect on the direction of HUMANA i.e., HUMANA and Artisan Thematic go up and down completely randomly.
Pair Corralation between HUMANA and Artisan Thematic
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Artisan Thematic. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 2.27 times less risky than Artisan Thematic. The bond trades about -0.08 of its potential returns per unit of risk. The Artisan Thematic Fund is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 2,406 in Artisan Thematic Fund on August 24, 2024 and sell it today you would earn a total of 84.00 from holding Artisan Thematic Fund or generate 3.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Artisan Thematic Fund
Performance |
| Timeline |
| HUMANA INC |
| Artisan Thematic |
HUMANA and Artisan Thematic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Artisan Thematic
The main advantage of trading using opposite HUMANA and Artisan Thematic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Artisan Thematic 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 Thematic will offset losses from the drop in Artisan Thematic's long position.| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth Holdings |
| Artisan Thematic vs. HUMANA INC | Artisan Thematic vs. Aquagold International | Artisan Thematic vs. Barloworld Ltd ADR | Artisan Thematic vs. Morningstar Unconstrained Allocation |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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