Correlation Between HUMANA and Eaton Vance
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By analyzing existing cross correlation between HUMANA INC and Eaton Vance Growth, you can compare the effects of market volatilities on HUMANA and Eaton Vance 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 Eaton Vance. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Eaton Vance.
Diversification Opportunities for HUMANA and Eaton Vance
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Eaton is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Eaton Vance Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eaton Vance Growth 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 Eaton Vance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eaton Vance Growth has no effect on the direction of HUMANA i.e., HUMANA and Eaton Vance go up and down completely randomly.
Pair Corralation between HUMANA and Eaton Vance
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Eaton Vance. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.7 times less risky than Eaton Vance. The bond trades about -0.04 of its potential returns per unit of risk. The Eaton Vance Growth is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 3,859 in Eaton Vance Growth on August 31, 2024 and sell it today you would earn a total of 549.00 from holding Eaton Vance Growth or generate 14.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.64% |
| Values | Daily Returns |
HUMANA INC vs. Eaton Vance Growth
Performance |
| Timeline |
| HUMANA INC |
| Eaton Vance Growth |
HUMANA and Eaton Vance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Eaton Vance
The main advantage of trading using opposite HUMANA and Eaton Vance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Eaton Vance 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 Eaton Vance will offset losses from the drop in Eaton Vance's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Eaton Vance vs. Europacific Growth Fund | Eaton Vance vs. Washington Mutual Investors | Eaton Vance vs. Capital World Growth | Eaton Vance vs. HUMANA INC |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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