Correlation Between HUMANA and Barclays ETN
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By analyzing existing cross correlation between HUMANA INC and Barclays ETN Shiller, you can compare the effects of market volatilities on HUMANA and Barclays ETN 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 Barclays ETN. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Barclays ETN.
Diversification Opportunities for HUMANA and Barclays ETN
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Barclays is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Barclays ETN Shiller in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barclays ETN Shiller 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 Barclays ETN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barclays ETN Shiller has no effect on the direction of HUMANA i.e., HUMANA and Barclays ETN go up and down completely randomly.
Pair Corralation between HUMANA and Barclays ETN
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Barclays ETN. In addition to that, HUMANA is 2.12 times more volatile than Barclays ETN Shiller. It trades about -0.16 of its total potential returns per unit of risk. Barclays ETN Shiller is currently generating about 0.56 per unit of volatility. If you would invest 2,953 in Barclays ETN Shiller on September 1, 2024 and sell it today you would earn a total of 252.00 from holding Barclays ETN Shiller or generate 8.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Barclays ETN Shiller
Performance |
| Timeline |
| HUMANA INC |
| Barclays ETN Shiller |
HUMANA and Barclays ETN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Barclays ETN
The main advantage of trading using opposite HUMANA and Barclays ETN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Barclays ETN 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 Barclays ETN will offset losses from the drop in Barclays ETN'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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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