Correlation Between HUMANA and Calvert Equity
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Calvert Equity Portfolio, you can compare the effects of market volatilities on HUMANA and Calvert Equity 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 Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Calvert Equity.
Diversification Opportunities for HUMANA and Calvert Equity
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Calvert is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Calvert Equity Portfolio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert Equity Portfolio 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 Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert Equity Portfolio has no effect on the direction of HUMANA i.e., HUMANA and Calvert Equity go up and down completely randomly.
Pair Corralation between HUMANA and Calvert Equity
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Calvert Equity. In addition to that, HUMANA is 1.38 times more volatile than Calvert Equity Portfolio. It trades about -0.15 of its total potential returns per unit of risk. Calvert Equity Portfolio is currently generating about 0.08 per unit of volatility. If you would invest 3,923 in Calvert Equity Portfolio on September 2, 2024 and sell it today you would earn a total of 110.00 from holding Calvert Equity Portfolio or generate 2.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
HUMANA INC vs. Calvert Equity Portfolio
Performance |
| Timeline |
| HUMANA INC |
| Calvert Equity Portfolio |
HUMANA and Calvert Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Calvert Equity
The main advantage of trading using opposite HUMANA and Calvert Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Calvert Equity 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 Equity will offset losses from the drop in Calvert Equity's long position.The idea behind HUMANA INC and Calvert Equity Portfolio pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Calvert Equity vs. Artisan High Income | Calvert Equity vs. Legg Mason Partners | Calvert Equity vs. California High Yield Municipal | Calvert Equity vs. Federated Institutional High |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |