Correlation Between HUMANA and Aqr Risk-balanced
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Aqr Risk Balanced Modities, you can compare the effects of market volatilities on HUMANA and Aqr Risk-balanced 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 Aqr Risk-balanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Aqr Risk-balanced.
Diversification Opportunities for HUMANA and Aqr Risk-balanced
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and AQR is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Aqr Risk Balanced Modities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aqr Risk Balanced 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 Aqr Risk-balanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aqr Risk Balanced has no effect on the direction of HUMANA i.e., HUMANA and Aqr Risk-balanced go up and down completely randomly.
Pair Corralation between HUMANA and Aqr Risk-balanced
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Aqr Risk-balanced. In addition to that, HUMANA is 1.28 times more volatile than Aqr Risk Balanced Modities. It trades about -0.21 of its total potential returns per unit of risk. Aqr Risk Balanced Modities is currently generating about -0.04 per unit of volatility. If you would invest 870.00 in Aqr Risk Balanced Modities on August 31, 2024 and sell it today you would lose (8.00) from holding Aqr Risk Balanced Modities or give up 0.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Aqr Risk Balanced Modities
Performance |
| Timeline |
| HUMANA INC |
| Aqr Risk Balanced |
HUMANA and Aqr Risk-balanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Aqr Risk-balanced
The main advantage of trading using opposite HUMANA and Aqr Risk-balanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Aqr Risk-balanced 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 Aqr Risk-balanced will offset losses from the drop in Aqr Risk-balanced's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Aqr Risk-balanced vs. Commodityrealreturn Strategy Fund | Aqr Risk-balanced vs. Commodityrealreturn Strategy Fund | Aqr Risk-balanced vs. HUMANA INC | Aqr Risk-balanced 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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |