Correlation Between HUMANA and Calvert Balanced
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Calvert Balanced Portfolio, you can compare the effects of market volatilities on HUMANA and Calvert Balanced 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 Balanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Calvert Balanced.
Diversification Opportunities for HUMANA and Calvert Balanced
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Calvert is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Calvert Balanced Portfolio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert Balanced Por 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 Balanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert Balanced Por has no effect on the direction of HUMANA i.e., HUMANA and Calvert Balanced go up and down completely randomly.
Pair Corralation between HUMANA and Calvert Balanced
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Calvert Balanced. In addition to that, HUMANA is 1.04 times more volatile than Calvert Balanced Portfolio. It trades about -0.07 of its total potential returns per unit of risk. Calvert Balanced Portfolio is currently generating about 0.16 per unit of volatility. If you would invest 4,394 in Calvert Balanced Portfolio on August 29, 2024 and sell it today you would earn a total of 96.00 from holding Calvert Balanced Portfolio or generate 2.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 86.96% |
| Values | Daily Returns |
HUMANA INC vs. Calvert Balanced Portfolio
Performance |
| Timeline |
| HUMANA INC |
| Calvert Balanced Por |
HUMANA and Calvert Balanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Calvert Balanced
The main advantage of trading using opposite HUMANA and Calvert Balanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Calvert Balanced 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 Balanced will offset losses from the drop in Calvert Balanced's long position.The idea behind HUMANA INC and Calvert Balanced 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 Balanced vs. American Balanced Fund | Calvert Balanced vs. American Balanced Fund | Calvert Balanced vs. HUMANA INC | Calvert Balanced vs. Aquagold International |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Transaction History View history of all your transactions and understand their impact on performance |