Correlation Between HUMANA and Doubleline Multi-asset
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Doubleline Multi Asset Trend, you can compare the effects of market volatilities on HUMANA and Doubleline Multi-asset 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 Multi-asset. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Doubleline Multi-asset.
Diversification Opportunities for HUMANA and Doubleline Multi-asset
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Doubleline is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Doubleline Multi Asset Trend in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubleline Multi Asset 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 Multi-asset. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doubleline Multi Asset has no effect on the direction of HUMANA i.e., HUMANA and Doubleline Multi-asset go up and down completely randomly.
Pair Corralation between HUMANA and Doubleline Multi-asset
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Doubleline Multi-asset. In addition to that, HUMANA is 3.82 times more volatile than Doubleline Multi Asset Trend. It trades about -0.21 of its total potential returns per unit of risk. Doubleline Multi Asset Trend is currently generating about -0.04 per unit of volatility. If you would invest 732.00 in Doubleline Multi Asset Trend on September 1, 2024 and sell it today you would lose (2.00) from holding Doubleline Multi Asset Trend or give up 0.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Doubleline Multi Asset Trend
Performance |
| Timeline |
| HUMANA INC |
| Doubleline Multi Asset |
HUMANA and Doubleline Multi-asset Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Doubleline Multi-asset
The main advantage of trading using opposite HUMANA and Doubleline Multi-asset positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Doubleline Multi-asset 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 Multi-asset will offset losses from the drop in Doubleline Multi-asset'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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |