Correlation Between HUMANA and Bellevue Life
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By analyzing existing cross correlation between HUMANA INC and Bellevue Life Sciences, you can compare the effects of market volatilities on HUMANA and Bellevue Life 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 Bellevue Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Bellevue Life.
Diversification Opportunities for HUMANA and Bellevue Life
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Bellevue is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Bellevue Life Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bellevue Life Sciences 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 Bellevue Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bellevue Life Sciences has no effect on the direction of HUMANA i.e., HUMANA and Bellevue Life go up and down completely randomly.
Pair Corralation between HUMANA and Bellevue Life
Assuming the 90 days trading horizon HUMANA is expected to generate 278.26 times less return on investment than Bellevue Life. But when comparing it to its historical volatility, HUMANA INC is 34.89 times less risky than Bellevue Life. It trades about 0.01 of its potential returns per unit of risk. Bellevue Life Sciences is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 4.46 in Bellevue Life Sciences on December 2, 2024 and sell it today you would earn a total of 0.69 from holding Bellevue Life Sciences or generate 15.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 30.77% |
| Values | Daily Returns |
HUMANA INC vs. Bellevue Life Sciences
Performance |
| Timeline |
| HUMANA INC |
| Bellevue Life Sciences |
Risk-Adjusted Performance
OK
Weak | Strong |
HUMANA and Bellevue Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Bellevue Life
The main advantage of trading using opposite HUMANA and Bellevue Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Bellevue Life 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 Bellevue Life will offset losses from the drop in Bellevue Life's long position.| HUMANA vs. Paysafe | HUMANA vs. JBG SMITH Properties | HUMANA vs. Evertz Technologies Limited | HUMANA vs. Invitation Homes |
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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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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