Correlation Between HUMANA and Fidelity Advisor
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By analyzing existing cross correlation between HUMANA INC and Fidelity Advisor Small, you can compare the effects of market volatilities on HUMANA and Fidelity Advisor 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 Advisor. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Fidelity Advisor.
Diversification Opportunities for HUMANA and Fidelity Advisor
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Fidelity is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Fidelity Advisor Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Advisor Small 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 Advisor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Advisor Small has no effect on the direction of HUMANA i.e., HUMANA and Fidelity Advisor go up and down completely randomly.
Pair Corralation between HUMANA and Fidelity Advisor
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Fidelity Advisor. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.3 times less risky than Fidelity Advisor. The bond trades about -0.21 of its potential returns per unit of risk. The Fidelity Advisor Small is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 1,936 in Fidelity Advisor Small on August 31, 2024 and sell it today you would earn a total of 121.00 from holding Fidelity Advisor Small or generate 6.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Fidelity Advisor Small
Performance |
| Timeline |
| HUMANA INC |
| Fidelity Advisor Small |
HUMANA and Fidelity Advisor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Fidelity Advisor
The main advantage of trading using opposite HUMANA and Fidelity Advisor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Fidelity Advisor 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 Advisor will offset losses from the drop in Fidelity Advisor's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Fidelity Advisor vs. Vanguard Small Cap Index | Fidelity Advisor vs. Vanguard Small Cap Index | Fidelity Advisor vs. T Rowe Price | Fidelity Advisor vs. HUMANA INC |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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