Correlation Between HUMANA and Eaton Vance
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By analyzing existing cross correlation between HUMANA INC and Eaton Vance Emerging, 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
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Eaton is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Eaton Vance Emerging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eaton Vance Emerging 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 Emerging 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 generate 1.19 times more return on investment than Eaton Vance. However, HUMANA is 1.19 times more volatile than Eaton Vance Emerging. It trades about -0.05 of its potential returns per unit of risk. Eaton Vance Emerging is currently generating about -0.13 per unit of risk. If you would invest 8,090 in HUMANA INC on September 3, 2024 and sell it today you would lose (55.00) from holding HUMANA INC or give up 0.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
HUMANA INC vs. Eaton Vance Emerging
Performance |
| Timeline |
| HUMANA INC |
| Eaton Vance Emerging |
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. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Eaton Vance vs. HUMANA INC | Eaton Vance vs. Aquagold International | Eaton Vance vs. Barloworld Ltd ADR | Eaton Vance vs. Morningstar Unconstrained Allocation |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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