Correlation Between HUMANA and Chase Growth
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By analyzing existing cross correlation between HUMANA INC and Chase Growth Fund, you can compare the effects of market volatilities on HUMANA and Chase Growth 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 Chase Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Chase Growth.
Diversification Opportunities for HUMANA and Chase Growth
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Chase is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Chase Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chase Growth 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 Chase Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chase Growth has no effect on the direction of HUMANA i.e., HUMANA and Chase Growth go up and down completely randomly.
Pair Corralation between HUMANA and Chase Growth
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Chase Growth. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.03 times less risky than Chase Growth. The bond trades about -0.25 of its potential returns per unit of risk. The Chase Growth Fund is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 1,671 in Chase Growth Fund on August 28, 2024 and sell it today you would earn a total of 88.00 from holding Chase Growth Fund or generate 5.27% 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. Chase Growth Fund
Performance |
| Timeline |
| HUMANA INC |
| Chase Growth |
HUMANA and Chase Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Chase Growth
The main advantage of trading using opposite HUMANA and Chase Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Chase Growth 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 Chase Growth will offset losses from the drop in Chase Growth's long position.| HUMANA vs. Ultra Clean Holdings | HUMANA vs. Dream Homes Development | HUMANA vs. JBG SMITH Properties | HUMANA vs. Allegheny Technologies Incorporated |
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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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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