Correlation Between HUMANA and Cohen
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By analyzing existing cross correlation between HUMANA INC and Cohen And Steers, you can compare the effects of market volatilities on HUMANA and Cohen 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 Cohen. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Cohen.
Diversification Opportunities for HUMANA and Cohen
Average diversification
The 3 months correlation between HUMANA and Cohen is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Cohen And Steers in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen And Steers 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 Cohen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen And Steers has no effect on the direction of HUMANA i.e., HUMANA and Cohen go up and down completely randomly.
Pair Corralation between HUMANA and Cohen
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Cohen. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.24 times less risky than Cohen. The bond trades about -0.04 of its potential returns per unit of risk. The Cohen And Steers is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 4,436 in Cohen And Steers on September 1, 2024 and sell it today you would earn a total of 839.00 from holding Cohen And Steers or generate 18.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.64% |
| Values | Daily Returns |
HUMANA INC vs. Cohen And Steers
Performance |
| Timeline |
| HUMANA INC |
| Cohen And Steers |
HUMANA and Cohen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Cohen
The main advantage of trading using opposite HUMANA and Cohen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Cohen 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 Cohen will offset losses from the drop in Cohen's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Cohen vs. Emerging Markets Portfolio | Cohen vs. Cohen Steers Realty | Cohen vs. Oppenheimer Developing Markets | Cohen vs. Cohen Steers 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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