Correlation Between HUMANA and Blackstone
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By analyzing existing cross correlation between HUMANA INC and Blackstone Group, you can compare the effects of market volatilities on HUMANA and Blackstone 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 Blackstone. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Blackstone.
Diversification Opportunities for HUMANA and Blackstone
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Blackstone is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Blackstone Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackstone Group 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 Blackstone. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackstone Group has no effect on the direction of HUMANA i.e., HUMANA and Blackstone go up and down completely randomly.
Pair Corralation between HUMANA and Blackstone
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Blackstone. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 2.55 times less risky than Blackstone. The bond trades about -0.03 of its potential returns per unit of risk. The Blackstone Group is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 11,919 in Blackstone Group on August 29, 2024 and sell it today you would earn a total of 7,247 from holding Blackstone Group or generate 60.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.4% |
| Values | Daily Returns |
HUMANA INC vs. Blackstone Group
Performance |
| Timeline |
| HUMANA INC |
| Blackstone Group |
HUMANA and Blackstone Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Blackstone
The main advantage of trading using opposite HUMANA and Blackstone positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Blackstone 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 Blackstone will offset losses from the drop in Blackstone's long position.| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
| Blackstone vs. Aurora Innovation | Blackstone vs. HUMANA INC | Blackstone vs. Aquagold International | Blackstone vs. Barloworld Ltd ADR |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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