Correlation Between HUMANA and DBGR
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By analyzing existing cross correlation between HUMANA INC and DBGR, you can compare the effects of market volatilities on HUMANA and DBGR 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 DBGR. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and DBGR.
Diversification Opportunities for HUMANA and DBGR
Good diversification
The 3 months correlation between HUMANA and DBGR is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and DBGR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DBGR 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 DBGR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DBGR has no effect on the direction of HUMANA i.e., HUMANA and DBGR go up and down completely randomly.
Pair Corralation between HUMANA and DBGR
If you would invest 3,090 in DBGR on September 1, 2024 and sell it today you would earn a total of 0.00 from holding DBGR or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
HUMANA INC vs. DBGR
Performance |
| Timeline |
| HUMANA INC |
| DBGR |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HUMANA and DBGR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and DBGR
The main advantage of trading using opposite HUMANA and DBGR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, DBGR 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 DBGR will offset losses from the drop in DBGR's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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