Correlation Between HUMANA and Fidelity Series
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By analyzing existing cross correlation between HUMANA INC and Fidelity Series International, you can compare the effects of market volatilities on HUMANA and Fidelity Series 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 Series. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Fidelity Series.
Diversification Opportunities for HUMANA and Fidelity Series
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and Fidelity is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Fidelity Series International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Series Inte 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 Series. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Series Inte has no effect on the direction of HUMANA i.e., HUMANA and Fidelity Series go up and down completely randomly.
Pair Corralation between HUMANA and Fidelity Series
Assuming the 90 days trading horizon HUMANA INC is expected to generate 93.08 times more return on investment than Fidelity Series. However, HUMANA is 93.08 times more volatile than Fidelity Series International. It trades about 0.07 of its potential returns per unit of risk. Fidelity Series International is currently generating about 0.07 per unit of risk. If you would invest 8,074 in HUMANA INC on September 3, 2024 and sell it today you would lose (39.00) from holding HUMANA INC or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. Fidelity Series International
Performance |
| Timeline |
| HUMANA INC |
| Fidelity Series Inte |
HUMANA and Fidelity Series Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Fidelity Series
The main advantage of trading using opposite HUMANA and Fidelity Series positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Fidelity Series 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 Series will offset losses from the drop in Fidelity Series' 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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