Correlation Between HUMANA and Global X
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By analyzing existing cross correlation between HUMANA INC and Global X, you can compare the effects of market volatilities on HUMANA and Global X 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 Global X. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Global X.
Diversification Opportunities for HUMANA and Global X
Good diversification
The 3 months correlation between HUMANA and Global is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Global X in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global X 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 Global X. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global X has no effect on the direction of HUMANA i.e., HUMANA and Global X go up and down completely randomly.
Pair Corralation between HUMANA and Global X
If you would invest 1,911 in Global X on September 12, 2024 and sell it today you would earn a total of 0.00 from holding Global X or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
HUMANA INC vs. Global X
Performance |
| Timeline |
| HUMANA INC |
| Global X |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HUMANA and Global X Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Global X
The main advantage of trading using opposite HUMANA and Global X positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Global X 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 Global X will offset losses from the drop in Global X's long position.The idea behind HUMANA INC and Global X pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Global X vs. Global X MSCI | Global X vs. Global X Alternative | Global X vs. iShares Emerging Markets | Global X vs. Global X SuperDividend |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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