Correlation Between HUMANA and Fidelity Asset
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By analyzing existing cross correlation between HUMANA INC and Fidelity Asset Manager, you can compare the effects of market volatilities on HUMANA and Fidelity Asset 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 Fidelity Asset. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Fidelity Asset.
Diversification Opportunities for HUMANA and Fidelity Asset
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between HUMANA and Fidelity is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Fidelity Asset Manager in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Asset Manager 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 Fidelity Asset. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Asset Manager has no effect on the direction of HUMANA i.e., HUMANA and Fidelity Asset go up and down completely randomly.
Pair Corralation between HUMANA and Fidelity Asset
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Fidelity Asset. In addition to that, HUMANA is 2.64 times more volatile than Fidelity Asset Manager. It trades about -0.04 of its total potential returns per unit of risk. Fidelity Asset Manager is currently generating about 0.15 per unit of volatility. If you would invest 1,321 in Fidelity Asset Manager on September 1, 2024 and sell it today you would earn a total of 67.00 from holding Fidelity Asset Manager or generate 5.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.41% |
| Values | Daily Returns |
HUMANA INC vs. Fidelity Asset Manager
Performance |
| Timeline |
| HUMANA INC |
| Fidelity Asset Manager |
HUMANA and Fidelity Asset Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Fidelity Asset
The main advantage of trading using opposite HUMANA and Fidelity Asset positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Fidelity Asset 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 Fidelity Asset will offset losses from the drop in Fidelity Asset's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Fidelity Asset vs. Fidelity Asset Manager | Fidelity Asset vs. Fidelity Asset Manager | Fidelity Asset vs. Fidelity Asset Manager | Fidelity Asset vs. Fidelity Government Income |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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