Correlation Between HUMANA and Advisors Asset
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Advisors Asset Management, you can compare the effects of market volatilities on HUMANA and Advisors Asset 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 Advisors Asset. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Advisors Asset.
Diversification Opportunities for HUMANA and Advisors Asset
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Advisors is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Advisors Asset Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Advisors Asset Management 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 Advisors Asset. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Advisors Asset Management has no effect on the direction of HUMANA i.e., HUMANA and Advisors Asset go up and down completely randomly.
Pair Corralation between HUMANA and Advisors Asset
If you would invest 2,009 in Advisors Asset Management on September 4, 2024 and sell it today you would earn a total of 0.00 from holding Advisors Asset Management or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 5.56% |
| Values | Daily Returns |
HUMANA INC vs. Advisors Asset Management
Performance |
| Timeline |
| HUMANA INC |
| Advisors Asset Management |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
HUMANA and Advisors Asset Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Advisors Asset
The main advantage of trading using opposite HUMANA and Advisors Asset positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Advisors Asset 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 Advisors Asset will offset losses from the drop in Advisors Asset's long position.| HUMANA vs. Usio Inc | HUMANA vs. MACOM Technology Solutions | HUMANA vs. Amkor Technology | HUMANA vs. Analog Devices |
| Advisors Asset vs. SCOR PK | Advisors Asset vs. HUMANA INC | Advisors Asset vs. Aquagold International | Advisors Asset vs. Barloworld Ltd ADR |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |