Correlation Between HUMANA and Artisan Small
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Artisan Small Cap, you can compare the effects of market volatilities on HUMANA and Artisan 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 Artisan Small. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Artisan Small.
Diversification Opportunities for HUMANA and Artisan Small
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Artisan is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Artisan Small Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Artisan 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 Artisan Small. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Artisan Small Cap has no effect on the direction of HUMANA i.e., HUMANA and Artisan Small go up and down completely randomly.
Pair Corralation between HUMANA and Artisan Small
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Artisan Small. In addition to that, HUMANA is 1.03 times more volatile than Artisan Small Cap. It trades about -0.16 of its total potential returns per unit of risk. Artisan Small Cap is currently generating about 0.3 per unit of volatility. If you would invest 3,735 in Artisan Small Cap on September 1, 2024 and sell it today you would earn a total of 363.00 from holding Artisan Small Cap or generate 9.72% 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 Small Cap
Performance |
| Timeline |
| HUMANA INC |
| Artisan Small Cap |
HUMANA and Artisan Small Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Artisan Small
The main advantage of trading using opposite HUMANA and Artisan Small positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Artisan 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 Artisan Small will offset losses from the drop in Artisan Small's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Artisan Small vs. Artisan Select Equity | Artisan Small vs. Artisan Developing World | Artisan Small vs. Artisan Focus | Artisan Small vs. Artisan Select Equity |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |