Correlation Between HUMANA and Duff
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By analyzing existing cross correlation between HUMANA INC and Duff And Phelps, you can compare the effects of market volatilities on HUMANA and Duff 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 Duff. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Duff.
Diversification Opportunities for HUMANA and Duff
Excellent diversification
The 3 months correlation between HUMANA and Duff is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Duff And Phelps in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duff And Phelps 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 Duff. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duff And Phelps has no effect on the direction of HUMANA i.e., HUMANA and Duff go up and down completely randomly.
Pair Corralation between HUMANA and Duff
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Duff. In addition to that, HUMANA is 1.18 times more volatile than Duff And Phelps. It trades about -0.21 of its total potential returns per unit of risk. Duff And Phelps is currently generating about 0.47 per unit of volatility. If you would invest 1,130 in Duff And Phelps on August 31, 2024 and sell it today you would earn a total of 117.00 from holding Duff And Phelps or generate 10.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Duff And Phelps
Performance |
| Timeline |
| HUMANA INC |
| Duff And Phelps |
HUMANA and Duff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Duff
The main advantage of trading using opposite HUMANA and Duff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Duff 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 Duff will offset losses from the drop in Duff's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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