Correlation Between HUMANA and Alliancebernstein
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By analyzing existing cross correlation between HUMANA INC and Alliancebernstein Global High, you can compare the effects of market volatilities on HUMANA and Alliancebernstein 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 Alliancebernstein. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Alliancebernstein.
Diversification Opportunities for HUMANA and Alliancebernstein
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and Alliancebernstein is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Alliancebernstein Global High in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alliancebernstein 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 Alliancebernstein. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alliancebernstein has no effect on the direction of HUMANA i.e., HUMANA and Alliancebernstein go up and down completely randomly.
Pair Corralation between HUMANA and Alliancebernstein
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Alliancebernstein. In addition to that, HUMANA is 2.36 times more volatile than Alliancebernstein Global High. It trades about -0.21 of its total potential returns per unit of risk. Alliancebernstein Global High is currently generating about 0.18 per unit of volatility. If you would invest 1,077 in Alliancebernstein Global High on August 31, 2024 and sell it today you would earn a total of 20.00 from holding Alliancebernstein Global High or generate 1.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Alliancebernstein Global High
Performance |
| Timeline |
| HUMANA INC |
| Alliancebernstein |
HUMANA and Alliancebernstein Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Alliancebernstein
The main advantage of trading using opposite HUMANA and Alliancebernstein positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Alliancebernstein 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 Alliancebernstein will offset losses from the drop in Alliancebernstein's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Alliancebernstein vs. MFS Investment Grade | Alliancebernstein vs. Eaton Vance Municipal | Alliancebernstein vs. DTF Tax Free | Alliancebernstein vs. HUMANA INC |
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.
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