Correlation Between HUMANA and Ashmore Emerging
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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
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and Ashmore is 0.35. 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 under-perform the Ashmore Emerging. In addition to that, HUMANA is 2.17 times more volatile than Ashmore Emerging Markets. It trades about -0.16 of its total potential returns per unit of risk. Ashmore Emerging Markets is currently generating about -0.22 per unit of volatility. If you would invest 1,390 in Ashmore Emerging Markets on September 1, 2024 and sell it today you would lose (45.00) from holding Ashmore Emerging Markets or give up 3.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.91% |
| 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. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Ashmore Emerging vs. Qs Large Cap | Ashmore Emerging vs. Ab Value Fund | Ashmore Emerging vs. Abr 7525 Volatility | Ashmore Emerging vs. Fabxx |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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