Correlation Between HUMANA and Doubleline Core
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By analyzing existing cross correlation between HUMANA INC and Doubleline E Fixed, you can compare the effects of market volatilities on HUMANA and Doubleline Core 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 Core. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Doubleline Core.
Diversification Opportunities for HUMANA and Doubleline Core
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HUMANA and Doubleline is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Doubleline E Fixed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubleline E Fixed 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 Core. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doubleline E Fixed has no effect on the direction of HUMANA i.e., HUMANA and Doubleline Core go up and down completely randomly.
Pair Corralation between HUMANA and Doubleline Core
Assuming the 90 days trading horizon HUMANA INC is expected to generate 217.8 times more return on investment than Doubleline Core. However, HUMANA is 217.8 times more volatile than Doubleline E Fixed. It trades about 0.07 of its potential returns per unit of risk. Doubleline E Fixed is currently generating about 0.06 per unit of risk. If you would invest 7,664 in HUMANA INC on November 27, 2024 and sell it today you would earn a total of 235.00 from holding HUMANA INC or generate 3.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.33% |
| Values | Daily Returns |
HUMANA INC vs. Doubleline E Fixed
Performance |
| Timeline |
| HUMANA INC |
| Doubleline E Fixed |
HUMANA and Doubleline Core Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Doubleline Core
The main advantage of trading using opposite HUMANA and Doubleline Core positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Doubleline Core 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 Core will offset losses from the drop in Doubleline Core's long position.| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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