Correlation Between HUMANA and Ashmore Emerging
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Ashmore Emerging Markets, you can compare the effects of market volatilities on HUMANA and Ashmore 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 Ashmore Emerging. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Ashmore Emerging.
Diversification Opportunities for HUMANA and Ashmore Emerging
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Ashmore is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Ashmore Emerging Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ashmore 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 Ashmore Emerging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ashmore Emerging Markets has no effect on the direction of HUMANA i.e., HUMANA and Ashmore Emerging go up and down completely randomly.
Pair Corralation between HUMANA and Ashmore Emerging
Assuming the 90 days trading horizon HUMANA INC is expected to generate 353.46 times more return on investment than Ashmore Emerging. However, HUMANA is 353.46 times more volatile than Ashmore Emerging Markets. It trades about 0.08 of its potential returns per unit of risk. Ashmore Emerging Markets is currently generating about 0.17 per unit of risk. If you would invest 7,827 in HUMANA INC on August 28, 2024 and sell it today you would earn a total of 208.00 from holding HUMANA INC or generate 2.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.46% |
| Values | Daily Returns |
HUMANA INC vs. Ashmore Emerging Markets
Performance |
| Timeline |
| HUMANA INC |
| Ashmore Emerging Markets |
HUMANA and Ashmore Emerging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Ashmore Emerging
The main advantage of trading using opposite HUMANA and Ashmore Emerging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Ashmore 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 Ashmore Emerging will offset losses from the drop in Ashmore Emerging's long position.| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
| Ashmore Emerging vs. Massmutual Premier Diversified | Ashmore Emerging vs. Oaktree Diversifiedome | Ashmore Emerging vs. Western Asset Diversified | Ashmore Emerging vs. Fidelity Advisor Diversified |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |