Correlation Between HUMANA and Driehaus Emerging
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By analyzing existing cross correlation between HUMANA INC and Driehaus Emerging Markets, you can compare the effects of market volatilities on HUMANA and Driehaus Emerging 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 Driehaus Emerging. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Driehaus Emerging.
Diversification Opportunities for HUMANA and Driehaus Emerging
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between HUMANA and Driehaus is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Driehaus Emerging Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Driehaus Emerging Markets 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 Driehaus Emerging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Driehaus Emerging Markets has no effect on the direction of HUMANA i.e., HUMANA and Driehaus Emerging go up and down completely randomly.
Pair Corralation between HUMANA and Driehaus Emerging
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Driehaus Emerging. In addition to that, HUMANA is 1.41 times more volatile than Driehaus Emerging Markets. It trades about -0.09 of its total potential returns per unit of risk. Driehaus Emerging Markets is currently generating about 0.11 per unit of volatility. If you would invest 2,059 in Driehaus Emerging Markets on November 27, 2024 and sell it today you would earn a total of 31.00 from holding Driehaus Emerging Markets or generate 1.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Driehaus Emerging Markets
Performance |
| Timeline |
| HUMANA INC |
| Driehaus Emerging Markets |
HUMANA and Driehaus Emerging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Driehaus Emerging
The main advantage of trading using opposite HUMANA and Driehaus Emerging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Driehaus Emerging 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 Driehaus Emerging will offset losses from the drop in Driehaus Emerging's long position.| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
| Driehaus Emerging vs. Artisan Small Cap | Driehaus Emerging vs. Needham Small Cap | Driehaus Emerging vs. Ashmore Emerging Markets | Driehaus Emerging vs. Glg Intl Small |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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