Correlation Between HUMANA and Calvert International
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By analyzing existing cross correlation between HUMANA INC and Calvert International Equity, you can compare the effects of market volatilities on HUMANA and Calvert International 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 International. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Calvert International.
Diversification Opportunities for HUMANA and Calvert International
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Calvert is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Calvert International Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert International 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 International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert International has no effect on the direction of HUMANA i.e., HUMANA and Calvert International go up and down completely randomly.
Pair Corralation between HUMANA and Calvert International
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Calvert International. In addition to that, HUMANA is 1.32 times more volatile than Calvert International Equity. It trades about -0.21 of its total potential returns per unit of risk. Calvert International Equity is currently generating about -0.12 per unit of volatility. If you would invest 1,955 in Calvert International Equity on August 31, 2024 and sell it today you would lose (47.00) from holding Calvert International Equity or give up 2.4% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Calvert International Equity
Performance |
| Timeline |
| HUMANA INC |
| Calvert International |
HUMANA and Calvert International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Calvert International
The main advantage of trading using opposite HUMANA and Calvert International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Calvert International 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 International will offset losses from the drop in Calvert International's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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