Correlation Between HUMANA and Fidelity Sustainable
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By analyzing existing cross correlation between HUMANA INC and Fidelity Sustainable Multi Asset, 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
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Fidelity is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Fidelity Sustainable Multi Ass 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 under-perform the Fidelity Sustainable. In addition to that, HUMANA is 1.12 times more volatile than Fidelity Sustainable Multi Asset. It trades about -0.07 of its total potential returns per unit of risk. Fidelity Sustainable Multi Asset is currently generating about 0.03 per unit of volatility. If you would invest 1,069 in Fidelity Sustainable Multi Asset on August 29, 2024 and sell it today you would earn a total of 3.00 from holding Fidelity Sustainable Multi Asset or generate 0.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Fidelity Sustainable Multi Ass
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.The idea behind HUMANA INC and Fidelity Sustainable Multi Asset pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Fidelity Sustainable vs. American Balanced Fund | Fidelity Sustainable vs. American Balanced Fund | Fidelity Sustainable vs. HUMANA INC | Fidelity Sustainable vs. Aquagold International |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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