Correlation Between HUMANA and Blackrock Strategic
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By analyzing existing cross correlation between HUMANA INC and Blackrock Strategic Income, you can compare the effects of market volatilities on HUMANA and Blackrock Strategic 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 Strategic. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Blackrock Strategic.
Diversification Opportunities for HUMANA and Blackrock Strategic
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HUMANA and Blackrock is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Blackrock Strategic Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackrock Strategic 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 Strategic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackrock Strategic has no effect on the direction of HUMANA i.e., HUMANA and Blackrock Strategic go up and down completely randomly.
Pair Corralation between HUMANA and Blackrock Strategic
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Blackrock Strategic. In addition to that, HUMANA is 3.86 times more volatile than Blackrock Strategic Income. It trades about -0.04 of its total potential returns per unit of risk. Blackrock Strategic Income is currently generating about 0.19 per unit of volatility. If you would invest 916.00 in Blackrock Strategic Income on September 1, 2024 and sell it today you would earn a total of 40.00 from holding Blackrock Strategic Income or generate 4.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 97.64% |
| Values | Daily Returns |
HUMANA INC vs. Blackrock Strategic Income
Performance |
| Timeline |
| HUMANA INC |
| Blackrock Strategic |
HUMANA and Blackrock Strategic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Blackrock Strategic
The main advantage of trading using opposite HUMANA and Blackrock Strategic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Blackrock Strategic 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 Strategic will offset losses from the drop in Blackrock Strategic'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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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