Correlation Between HUMANA and Allianzgi Technology
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By analyzing existing cross correlation between HUMANA INC and Allianzgi Technology Fund, you can compare the effects of market volatilities on HUMANA and Allianzgi Technology 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 Allianzgi Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Allianzgi Technology.
Diversification Opportunities for HUMANA and Allianzgi Technology
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Allianzgi is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Allianzgi Technology Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allianzgi Technology 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 Allianzgi Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allianzgi Technology has no effect on the direction of HUMANA i.e., HUMANA and Allianzgi Technology go up and down completely randomly.
Pair Corralation between HUMANA and Allianzgi Technology
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.74 times more return on investment than Allianzgi Technology. However, HUMANA INC is 1.36 times less risky than Allianzgi Technology. It trades about -0.09 of its potential returns per unit of risk. Allianzgi Technology Fund is currently generating about -0.1 per unit of risk. If you would invest 8,052 in HUMANA INC on November 27, 2024 and sell it today you would lose (153.00) from holding HUMANA INC or give up 1.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Allianzgi Technology Fund
Performance |
| Timeline |
| HUMANA INC |
| Allianzgi Technology |
HUMANA and Allianzgi Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Allianzgi Technology
The main advantage of trading using opposite HUMANA and Allianzgi Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Allianzgi Technology 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 Allianzgi Technology will offset losses from the drop in Allianzgi Technology's long position.| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
| Allianzgi Technology vs. Goldman Sachs Strategic | Allianzgi Technology vs. Red Oak Technology | Allianzgi Technology vs. Kinetics Internet Fund | Allianzgi Technology vs. Tomorrows Scholar College |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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