Correlation Between HUMANA and IShares Dividend
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By analyzing existing cross correlation between HUMANA INC and iShares Dividend and, you can compare the effects of market volatilities on HUMANA and IShares Dividend 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 IShares Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and IShares Dividend.
Diversification Opportunities for HUMANA and IShares Dividend
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HUMANA and IShares is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and iShares Dividend and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares Dividend 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 IShares Dividend. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares Dividend has no effect on the direction of HUMANA i.e., HUMANA and IShares Dividend go up and down completely randomly.
Pair Corralation between HUMANA and IShares Dividend
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the IShares Dividend. In addition to that, HUMANA is 1.78 times more volatile than iShares Dividend and. It trades about -0.09 of its total potential returns per unit of risk. iShares Dividend and is currently generating about 0.1 per unit of volatility. If you would invest 4,973 in iShares Dividend and on November 27, 2024 and sell it today you would earn a total of 51.00 from holding iShares Dividend and or generate 1.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. iShares Dividend and
Performance |
| Timeline |
| HUMANA INC |
| iShares Dividend |
HUMANA and IShares Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and IShares Dividend
The main advantage of trading using opposite HUMANA and IShares Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, IShares Dividend 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 IShares Dividend will offset losses from the drop in IShares Dividend's long position.| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
| IShares Dividend vs. iShares ESG Aware | IShares Dividend vs. Pacer Cash Cows | IShares Dividend vs. iShares MSCI USA | IShares Dividend vs. Invesco KBW Premium |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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