Correlation Between HUMANA and Fidelity Focused
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By analyzing existing cross correlation between HUMANA INC and Fidelity Focused Stock, you can compare the effects of market volatilities on HUMANA and Fidelity Focused 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 Focused. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Fidelity Focused.
Diversification Opportunities for HUMANA and Fidelity Focused
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Fidelity is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Fidelity Focused Stock in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Focused Stock 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 Focused. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Focused Stock has no effect on the direction of HUMANA i.e., HUMANA and Fidelity Focused go up and down completely randomly.
Pair Corralation between HUMANA and Fidelity Focused
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Fidelity Focused. In addition to that, HUMANA is 1.33 times more volatile than Fidelity Focused Stock. It trades about -0.16 of its total potential returns per unit of risk. Fidelity Focused Stock is currently generating about 0.23 per unit of volatility. If you would invest 4,098 in Fidelity Focused Stock on September 1, 2024 and sell it today you would earn a total of 217.00 from holding Fidelity Focused Stock or generate 5.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Fidelity Focused Stock
Performance |
| Timeline |
| HUMANA INC |
| Fidelity Focused Stock |
HUMANA and Fidelity Focused Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Fidelity Focused
The main advantage of trading using opposite HUMANA and Fidelity Focused positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Fidelity Focused 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 Focused will offset losses from the drop in Fidelity Focused's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Fidelity Focused vs. Fidelity Trend Fund | Fidelity Focused vs. Fidelity Large Cap | Fidelity Focused vs. Fidelity Growth Discovery | Fidelity Focused vs. Fidelity Mega Cap |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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