Correlation Between HUMANA and Calvert Global
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By analyzing existing cross correlation between HUMANA INC and Calvert Global Energy, you can compare the effects of market volatilities on HUMANA and Calvert Global 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 Calvert Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Calvert Global.
Diversification Opportunities for HUMANA and Calvert Global
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HUMANA and Calvert is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Calvert Global Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert Global Energy 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 Calvert Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert Global Energy has no effect on the direction of HUMANA i.e., HUMANA and Calvert Global go up and down completely randomly.
Pair Corralation between HUMANA and Calvert Global
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Calvert Global. In addition to that, HUMANA is 1.05 times more volatile than Calvert Global Energy. It trades about -0.09 of its total potential returns per unit of risk. Calvert Global Energy is currently generating about 0.03 per unit of volatility. If you would invest 1,049 in Calvert Global Energy on November 27, 2024 and sell it today you would earn a total of 4.00 from holding Calvert Global Energy or generate 0.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Calvert Global Energy
Performance |
| Timeline |
| HUMANA INC |
| Calvert Global Energy |
HUMANA and Calvert Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Calvert Global
The main advantage of trading using opposite HUMANA and Calvert Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Calvert Global 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 Calvert Global will offset losses from the drop in Calvert Global's long position.| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
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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 Stocks Directory module to find actively traded stocks across global markets.
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