Correlation Between HUMANA and Ubs International
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By analyzing existing cross correlation between HUMANA INC and Ubs International Sustainable, you can compare the effects of market volatilities on HUMANA and Ubs International 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 Ubs International. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Ubs International.
Diversification Opportunities for HUMANA and Ubs International
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and Ubs is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Ubs International Sustainable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ubs International 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 Ubs International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ubs International has no effect on the direction of HUMANA i.e., HUMANA and Ubs International go up and down completely randomly.
Pair Corralation between HUMANA and Ubs International
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Ubs International. In addition to that, HUMANA is 1.24 times more volatile than Ubs International Sustainable. It trades about -0.12 of its total potential returns per unit of risk. Ubs International Sustainable is currently generating about -0.08 per unit of volatility. If you would invest 1,062 in Ubs International Sustainable on September 3, 2024 and sell it today you would lose (20.00) from holding Ubs International Sustainable or give up 1.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Ubs International Sustainable
Performance |
| Timeline |
| HUMANA INC |
| Ubs International |
HUMANA and Ubs International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Ubs International
The main advantage of trading using opposite HUMANA and Ubs International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Ubs International 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 Ubs International will offset losses from the drop in Ubs International's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
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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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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