Correlation Between HUMANA and Doubleline Flexible
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By analyzing existing cross correlation between HUMANA INC and Doubleline Flexible Income, you can compare the effects of market volatilities on HUMANA and Doubleline Flexible 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 Flexible. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Doubleline Flexible.
Diversification Opportunities for HUMANA and Doubleline Flexible
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Doubleline is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Doubleline Flexible Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubleline Flexible 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 Flexible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doubleline Flexible has no effect on the direction of HUMANA i.e., HUMANA and Doubleline Flexible go up and down completely randomly.
Pair Corralation between HUMANA and Doubleline Flexible
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Doubleline Flexible. In addition to that, HUMANA is 12.73 times more volatile than Doubleline Flexible Income. It trades about -0.25 of its total potential returns per unit of risk. Doubleline Flexible Income is currently generating about 0.34 per unit of volatility. If you would invest 867.00 in Doubleline Flexible Income on August 28, 2024 and sell it today you would earn a total of 5.00 from holding Doubleline Flexible Income or generate 0.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Doubleline Flexible Income
Performance |
| Timeline |
| HUMANA INC |
| Doubleline Flexible |
HUMANA and Doubleline Flexible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Doubleline Flexible
The main advantage of trading using opposite HUMANA and Doubleline Flexible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Doubleline Flexible 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 Flexible will offset losses from the drop in Doubleline Flexible's long position.| HUMANA vs. Ultra Clean Holdings | HUMANA vs. Dream Homes Development | HUMANA vs. JBG SMITH Properties | HUMANA vs. Allegheny Technologies Incorporated |
| Doubleline Flexible vs. Pimco Short Asset | Doubleline Flexible vs. Doubleline Low Duration | Doubleline Flexible vs. Doubleline Floating Rate | Doubleline Flexible vs. Columbia High Yield |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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