Correlation Between HUMANA and Fidelity Freedom
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By analyzing existing cross correlation between HUMANA INC and Fidelity Freedom 2035, you can compare the effects of market volatilities on HUMANA and Fidelity Freedom 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 Freedom. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Fidelity Freedom.
Diversification Opportunities for HUMANA and Fidelity Freedom
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Fidelity is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Fidelity Freedom 2035 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Freedom 2035 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 Freedom. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Freedom 2035 has no effect on the direction of HUMANA i.e., HUMANA and Fidelity Freedom go up and down completely randomly.
Pair Corralation between HUMANA and Fidelity Freedom
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.79 times more return on investment than Fidelity Freedom. However, HUMANA INC is 1.26 times less risky than Fidelity Freedom. It trades about -0.16 of its potential returns per unit of risk. Fidelity Freedom 2035 is currently generating about -0.34 per unit of risk. If you would invest 8,209 in HUMANA INC on October 7, 2024 and sell it today you would lose (174.00) from holding HUMANA INC or give up 2.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Fidelity Freedom 2035
Performance |
| Timeline |
| HUMANA INC |
| Fidelity Freedom 2035 |
HUMANA and Fidelity Freedom Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Fidelity Freedom
The main advantage of trading using opposite HUMANA and Fidelity Freedom positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Fidelity Freedom 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 Freedom will offset losses from the drop in Fidelity Freedom's long position.| HUMANA vs. Todos Medical | HUMANA vs. Nuvalent | HUMANA vs. Tandem Diabetes Care | HUMANA vs. Aquestive Therapeutics |
| Fidelity Freedom vs. Fidelity Freedom 2025 | Fidelity Freedom vs. Fidelity Freedom 2015 | Fidelity Freedom vs. Fidelity Freedom 2040 | Fidelity Freedom vs. Fidelity Freedom 2030 |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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