Correlation Between HUMANA and Calvert Emerging
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Calvert Emerging Markets, you can compare the effects of market volatilities on HUMANA and Calvert Emerging 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 Emerging. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Calvert Emerging.
Diversification Opportunities for HUMANA and Calvert Emerging
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Calvert is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Calvert Emerging Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert Emerging Markets 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 Emerging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert Emerging Markets has no effect on the direction of HUMANA i.e., HUMANA and Calvert Emerging go up and down completely randomly.
Pair Corralation between HUMANA and Calvert Emerging
Assuming the 90 days trading horizon HUMANA INC is expected to generate 84.27 times more return on investment than Calvert Emerging. However, HUMANA is 84.27 times more volatile than Calvert Emerging Markets. It trades about 0.07 of its potential returns per unit of risk. Calvert Emerging Markets is currently generating about 0.03 per unit of risk. If you would invest 8,012 in HUMANA INC on September 2, 2024 and sell it today you would lose (317.00) from holding HUMANA INC or give up 3.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 93.95% |
| Values | Daily Returns |
HUMANA INC vs. Calvert Emerging Markets
Performance |
| Timeline |
| HUMANA INC |
| Calvert Emerging Markets |
HUMANA and Calvert Emerging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Calvert Emerging
The main advantage of trading using opposite HUMANA and Calvert Emerging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Calvert Emerging 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 Emerging will offset losses from the drop in Calvert Emerging's long position.The idea behind HUMANA INC and Calvert Emerging Markets 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 Emerging vs. Calvert Small Cap | Calvert Emerging vs. Calvert Large Cap | Calvert Emerging vs. Johcm International Select | Calvert Emerging vs. Calvert International Opportunities |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |