Correlation Between HUMANA and Dreyfus International
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By analyzing existing cross correlation between HUMANA INC and Dreyfus International Equity, you can compare the effects of market volatilities on HUMANA and Dreyfus International 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 International. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Dreyfus International.
Diversification Opportunities for HUMANA and Dreyfus International
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HUMANA and Dreyfus is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Dreyfus International Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dreyfus International 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 International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dreyfus International has no effect on the direction of HUMANA i.e., HUMANA and Dreyfus International go up and down completely randomly.
Pair Corralation between HUMANA and Dreyfus International
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.93 times more return on investment than Dreyfus International. However, HUMANA INC is 1.07 times less risky than Dreyfus International. It trades about -0.16 of its potential returns per unit of risk. Dreyfus International Equity is currently generating about -0.29 per unit of risk. If you would invest 8,423 in HUMANA INC on August 28, 2024 and sell it today you would lose (388.00) from holding HUMANA INC or give up 4.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.35% |
| Values | Daily Returns |
HUMANA INC vs. Dreyfus International Equity
Performance |
| Timeline |
| HUMANA INC |
| Dreyfus International |
HUMANA and Dreyfus International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Dreyfus International
The main advantage of trading using opposite HUMANA and Dreyfus International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Dreyfus International 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 International will offset losses from the drop in Dreyfus International's long position.| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
| Dreyfus International vs. Dreyfus High Yield | Dreyfus International vs. Dreyfusthe Boston Pany | Dreyfus International vs. Dreyfus International Bond | Dreyfus International vs. Dreyfus International Bond |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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