Correlation Between HUMANA and Nuveen Large
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By analyzing existing cross correlation between HUMANA INC and Nuveen Large Cap, you can compare the effects of market volatilities on HUMANA and Nuveen Large 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 Nuveen Large. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Nuveen Large.
Diversification Opportunities for HUMANA and Nuveen Large
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Nuveen is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Nuveen Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Large Cap 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 Nuveen Large. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Large Cap has no effect on the direction of HUMANA i.e., HUMANA and Nuveen Large go up and down completely randomly.
Pair Corralation between HUMANA and Nuveen Large
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Nuveen Large. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.57 times less risky than Nuveen Large. The bond trades about -0.01 of its potential returns per unit of risk. The Nuveen Large Cap is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 3,658 in Nuveen Large Cap on August 28, 2024 and sell it today you would earn a total of 966.00 from holding Nuveen Large Cap or generate 26.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 96.65% |
| Values | Daily Returns |
HUMANA INC vs. Nuveen Large Cap
Performance |
| Timeline |
| HUMANA INC |
| Nuveen Large Cap |
HUMANA and Nuveen Large Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Nuveen Large
The main advantage of trading using opposite HUMANA and Nuveen Large positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Nuveen Large 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 Nuveen Large will offset losses from the drop in Nuveen Large's long position.| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
| Nuveen Large vs. Nuveen Large Cap | Nuveen Large vs. Nuveen Large Cap | Nuveen Large vs. Lazard Equity Centrated | Nuveen Large vs. Guggenheim Styleplus |
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 Stocks Directory module to find actively traded stocks across global markets.
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