Correlation Between HUMANA and Alger Concentrated
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Alger Concentrated Equity, you can compare the effects of market volatilities on HUMANA and Alger Concentrated 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 Alger Concentrated. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Alger Concentrated.
Diversification Opportunities for HUMANA and Alger Concentrated
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Alger is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Alger Concentrated Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alger Concentrated Equity 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 Alger Concentrated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alger Concentrated Equity has no effect on the direction of HUMANA i.e., HUMANA and Alger Concentrated go up and down completely randomly.
Pair Corralation between HUMANA and Alger Concentrated
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Alger Concentrated. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.2 times less risky than Alger Concentrated. The bond trades about -0.21 of its potential returns per unit of risk. The Alger Concentrated Equity is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 1,219 in Alger Concentrated Equity on August 31, 2024 and sell it today you would earn a total of 60.00 from holding Alger Concentrated Equity or generate 4.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Alger Concentrated Equity
Performance |
| Timeline |
| HUMANA INC |
| Alger Concentrated Equity |
HUMANA and Alger Concentrated Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Alger Concentrated
The main advantage of trading using opposite HUMANA and Alger Concentrated positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Alger Concentrated 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 Alger Concentrated will offset losses from the drop in Alger Concentrated's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Alger Concentrated vs. Europacific Growth Fund | Alger Concentrated vs. Washington Mutual Investors | Alger Concentrated vs. Capital World Growth | Alger Concentrated vs. HUMANA INC |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |