Correlation Between HUMANA and Fidus Investment
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By analyzing existing cross correlation between HUMANA INC and Fidus Investment Corp, you can compare the effects of market volatilities on HUMANA and Fidus Investment 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 Fidus Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Fidus Investment.
Diversification Opportunities for HUMANA and Fidus Investment
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Fidus is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Fidus Investment Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidus Investment Corp 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 Fidus Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidus Investment Corp has no effect on the direction of HUMANA i.e., HUMANA and Fidus Investment go up and down completely randomly.
Pair Corralation between HUMANA and Fidus Investment
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Fidus Investment. In addition to that, HUMANA is 1.03 times more volatile than Fidus Investment Corp. It trades about -0.17 of its total potential returns per unit of risk. Fidus Investment Corp is currently generating about 0.16 per unit of volatility. If you would invest 1,951 in Fidus Investment Corp on August 25, 2024 and sell it today you would earn a total of 146.00 from holding Fidus Investment Corp or generate 7.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
HUMANA INC vs. Fidus Investment Corp
Performance |
| Timeline |
| HUMANA INC |
| Fidus Investment Corp |
HUMANA and Fidus Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Fidus Investment
The main advantage of trading using opposite HUMANA and Fidus Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Fidus Investment 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 Fidus Investment will offset losses from the drop in Fidus Investment's long position.| HUMANA vs. Deluxe | HUMANA vs. Vita Coco | HUMANA vs. Willamette Valley Vineyards | HUMANA vs. Global E Online |
| Fidus Investment vs. PowerUp Acquisition Corp | Fidus Investment vs. Aurora Innovation | Fidus Investment vs. HUMANA INC | Fidus Investment vs. Aquagold International |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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