Correlation Between HUMANA and Allianzgi Small-cap
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By analyzing existing cross correlation between HUMANA INC and Allianzgi Small Cap Blend, you can compare the effects of market volatilities on HUMANA and Allianzgi Small-cap 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 Allianzgi Small-cap. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Allianzgi Small-cap.
Diversification Opportunities for HUMANA and Allianzgi Small-cap
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Allianzgi is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Allianzgi Small Cap Blend in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allianzgi 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 Allianzgi Small-cap. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allianzgi Small Cap has no effect on the direction of HUMANA i.e., HUMANA and Allianzgi Small-cap go up and down completely randomly.
Pair Corralation between HUMANA and Allianzgi Small-cap
Assuming the 90 days trading horizon HUMANA INC is expected to generate 77.82 times more return on investment than Allianzgi Small-cap. However, HUMANA is 77.82 times more volatile than Allianzgi Small Cap Blend. It trades about 0.07 of its potential returns per unit of risk. Allianzgi Small Cap Blend is currently generating about 0.06 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 Against |
| Strength | Very Weak |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. Allianzgi Small Cap Blend
Performance |
| Timeline |
| HUMANA INC |
| Allianzgi Small Cap |
HUMANA and Allianzgi Small-cap Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Allianzgi Small-cap
The main advantage of trading using opposite HUMANA and Allianzgi Small-cap positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Allianzgi Small-cap 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 Allianzgi Small-cap will offset losses from the drop in Allianzgi Small-cap's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
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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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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