Correlation Between HUMANA and Doubleline Emerging
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By analyzing existing cross correlation between HUMANA INC and Doubleline Emerging Markets, you can compare the effects of market volatilities on HUMANA and Doubleline 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 Doubleline Emerging. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Doubleline Emerging.
Diversification Opportunities for HUMANA and Doubleline Emerging
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Doubleline is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Doubleline Emerging Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubleline Emerging 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 Doubleline Emerging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doubleline Emerging has no effect on the direction of HUMANA i.e., HUMANA and Doubleline Emerging go up and down completely randomly.
Pair Corralation between HUMANA and Doubleline Emerging
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Doubleline Emerging. In addition to that, HUMANA is 1.32 times more volatile than Doubleline Emerging Markets. It trades about -0.01 of its total potential returns per unit of risk. Doubleline Emerging Markets is currently generating about 0.0 per unit of volatility. If you would invest 855.00 in Doubleline Emerging Markets on August 28, 2024 and sell it today you would lose (3.00) from holding Doubleline Emerging Markets or give up 0.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 96.65% |
| Values | Daily Returns |
HUMANA INC vs. Doubleline Emerging Markets
Performance |
| Timeline |
| HUMANA INC |
| Doubleline Emerging |
HUMANA and Doubleline Emerging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Doubleline Emerging
The main advantage of trading using opposite HUMANA and Doubleline Emerging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Doubleline 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 Doubleline Emerging will offset losses from the drop in Doubleline Emerging's long position.| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
| Doubleline Emerging vs. Balanced Fund Investor | Doubleline Emerging vs. Arrow Managed Futures | Doubleline Emerging vs. Ab Value Fund | Doubleline Emerging vs. Scharf Global Opportunity |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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