Correlation Between HUMANA and Fidelity Sustainable
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By analyzing existing cross correlation between HUMANA INC and Fidelity Sustainable Emerging, you can compare the effects of market volatilities on HUMANA and Fidelity Sustainable 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 Sustainable. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Fidelity Sustainable.
Diversification Opportunities for HUMANA and Fidelity Sustainable
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and Fidelity is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Fidelity Sustainable Emerging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Sustainable 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 Sustainable. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Sustainable has no effect on the direction of HUMANA i.e., HUMANA and Fidelity Sustainable go up and down completely randomly.
Pair Corralation between HUMANA and Fidelity Sustainable
Assuming the 90 days trading horizon HUMANA INC is expected to generate 80.77 times more return on investment than Fidelity Sustainable. However, HUMANA is 80.77 times more volatile than Fidelity Sustainable Emerging. It trades about 0.07 of its potential returns per unit of risk. Fidelity Sustainable Emerging is currently generating about 0.04 per unit of risk. If you would invest 7,664 in HUMANA INC on November 27, 2024 and sell it today you would earn a total of 235.00 from holding HUMANA INC or generate 3.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.33% |
| Values | Daily Returns |
HUMANA INC vs. Fidelity Sustainable Emerging
Performance |
| Timeline |
| HUMANA INC |
| Fidelity Sustainable |
HUMANA and Fidelity Sustainable Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Fidelity Sustainable
The main advantage of trading using opposite HUMANA and Fidelity Sustainable positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Fidelity Sustainable 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 Sustainable will offset losses from the drop in Fidelity Sustainable's long position.| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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