Correlation Between HUMANA and DoubleLine ETF
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By analyzing existing cross correlation between HUMANA INC and DoubleLine ETF Trust, you can compare the effects of market volatilities on HUMANA and DoubleLine ETF 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 ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and DoubleLine ETF.
Diversification Opportunities for HUMANA and DoubleLine ETF
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and DoubleLine is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and DoubleLine ETF Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DoubleLine ETF Trust 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 ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DoubleLine ETF Trust has no effect on the direction of HUMANA i.e., HUMANA and DoubleLine ETF go up and down completely randomly.
Pair Corralation between HUMANA and DoubleLine ETF
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the DoubleLine ETF. In addition to that, HUMANA is 1.23 times more volatile than DoubleLine ETF Trust. It trades about -0.16 of its total potential returns per unit of risk. DoubleLine ETF Trust is currently generating about 0.06 per unit of volatility. If you would invest 2,926 in DoubleLine ETF Trust on September 12, 2024 and sell it today you would earn a total of 58.00 from holding DoubleLine ETF Trust or generate 1.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. DoubleLine ETF Trust
Performance |
| Timeline |
| HUMANA INC |
| DoubleLine ETF Trust |
HUMANA and DoubleLine ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and DoubleLine ETF
The main advantage of trading using opposite HUMANA and DoubleLine ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, DoubleLine ETF 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 ETF will offset losses from the drop in DoubleLine ETF's long position.The idea behind HUMANA INC and DoubleLine ETF Trust pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| DoubleLine ETF vs. FT Vest Equity | DoubleLine ETF vs. Northern Lights | DoubleLine ETF vs. Dimensional International High | DoubleLine ETF vs. JPMorgan Fundamental Data |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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