Correlation Between HUMANA and Blackrock Global
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By analyzing existing cross correlation between HUMANA INC and Blackrock Global Longshort, you can compare the effects of market volatilities on HUMANA and Blackrock Global 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 Blackrock Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Blackrock Global.
Diversification Opportunities for HUMANA and Blackrock Global
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Blackrock is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Blackrock Global Longshort in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackrock Global Lon 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 Blackrock Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackrock Global Lon has no effect on the direction of HUMANA i.e., HUMANA and Blackrock Global go up and down completely randomly.
Pair Corralation between HUMANA and Blackrock Global
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Blackrock Global. In addition to that, HUMANA is 1.58 times more volatile than Blackrock Global Longshort. It trades about -0.21 of its total potential returns per unit of risk. Blackrock Global Longshort is currently generating about 0.04 per unit of volatility. If you would invest 1,407 in Blackrock Global Longshort on September 1, 2024 and sell it today you would earn a total of 8.00 from holding Blackrock Global Longshort or generate 0.57% 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. Blackrock Global Longshort
Performance |
Timeline |
HUMANA INC |
Blackrock Global Lon |
HUMANA and Blackrock Global Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Blackrock Global
The main advantage of trading using opposite HUMANA and Blackrock Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Blackrock Global 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 Blackrock Global will offset losses from the drop in Blackrock Global's long position.HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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