Correlation Between HUMANA and Dreyfus Technology
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By analyzing existing cross correlation between HUMANA INC and Dreyfus Technology Growth, you can compare the effects of market volatilities on HUMANA and Dreyfus Technology 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 Dreyfus Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Dreyfus Technology.
Diversification Opportunities for HUMANA and Dreyfus Technology
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Dreyfus is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Dreyfus Technology Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dreyfus Technology Growth 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 Dreyfus Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dreyfus Technology Growth has no effect on the direction of HUMANA i.e., HUMANA and Dreyfus Technology go up and down completely randomly.
Pair Corralation between HUMANA and Dreyfus Technology
Assuming the 90 days trading horizon HUMANA INC is expected to generate 59.95 times more return on investment than Dreyfus Technology. However, HUMANA is 59.95 times more volatile than Dreyfus Technology Growth. It trades about 0.07 of its potential returns per unit of risk. Dreyfus Technology Growth is currently generating about 0.09 per unit of risk. If you would invest 8,122 in HUMANA INC on November 27, 2024 and sell it today you would lose (223.00) from holding HUMANA INC or give up 2.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.75% |
| Values | Daily Returns |
HUMANA INC vs. Dreyfus Technology Growth
Performance |
| Timeline |
| HUMANA INC |
| Dreyfus Technology Growth |
HUMANA and Dreyfus Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Dreyfus Technology
The main advantage of trading using opposite HUMANA and Dreyfus Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Dreyfus Technology 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 Dreyfus Technology will offset losses from the drop in Dreyfus Technology'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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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