Correlation Between HUMANA and 1290 Funds
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By analyzing existing cross correlation between HUMANA INC and 1290 Funds , you can compare the effects of market volatilities on HUMANA and 1290 Funds 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 1290 Funds. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and 1290 Funds.
Diversification Opportunities for HUMANA and 1290 Funds
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and 1290 is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and 1290 Funds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 1290 Funds 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 1290 Funds. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 1290 Funds has no effect on the direction of HUMANA i.e., HUMANA and 1290 Funds go up and down completely randomly.
Pair Corralation between HUMANA and 1290 Funds
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the 1290 Funds. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.56 times less risky than 1290 Funds. The bond trades about -0.21 of its potential returns per unit of risk. The 1290 Funds is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 1,208 in 1290 Funds on September 1, 2024 and sell it today you would earn a total of 153.00 from holding 1290 Funds or generate 12.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. 1290 Funds
Performance |
| Timeline |
| HUMANA INC |
| 1290 Funds |
HUMANA and 1290 Funds Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and 1290 Funds
The main advantage of trading using opposite HUMANA and 1290 Funds positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, 1290 Funds 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 1290 Funds will offset losses from the drop in 1290 Funds' long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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