Correlation Between HUMANA and Baillie Gifford
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By analyzing existing cross correlation between HUMANA INC and Baillie Gifford Emerging, you can compare the effects of market volatilities on HUMANA and Baillie Gifford 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 Baillie Gifford. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Baillie Gifford.
Diversification Opportunities for HUMANA and Baillie Gifford
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Baillie is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Baillie Gifford Emerging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baillie Gifford Emerging 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 Baillie Gifford. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baillie Gifford Emerging has no effect on the direction of HUMANA i.e., HUMANA and Baillie Gifford go up and down completely randomly.
Pair Corralation between HUMANA and Baillie Gifford
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Baillie Gifford. In addition to that, HUMANA is 1.27 times more volatile than Baillie Gifford Emerging. It trades about -0.21 of its total potential returns per unit of risk. Baillie Gifford Emerging is currently generating about -0.18 per unit of volatility. If you would invest 2,145 in Baillie Gifford Emerging on August 31, 2024 and sell it today you would lose (77.00) from holding Baillie Gifford Emerging or give up 3.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Baillie Gifford Emerging
Performance |
| Timeline |
| HUMANA INC |
| Baillie Gifford Emerging |
HUMANA and Baillie Gifford Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Baillie Gifford
The main advantage of trading using opposite HUMANA and Baillie Gifford positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Baillie Gifford 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 Baillie Gifford will offset losses from the drop in Baillie Gifford's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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