Correlation Between HUMANA and AdvisorShares Gerber
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By analyzing existing cross correlation between HUMANA INC and AdvisorShares Gerber Kawasaki, you can compare the effects of market volatilities on HUMANA and AdvisorShares Gerber 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 AdvisorShares Gerber. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and AdvisorShares Gerber.
Diversification Opportunities for HUMANA and AdvisorShares Gerber
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and AdvisorShares is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and AdvisorShares Gerber Kawasaki in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AdvisorShares Gerber 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 AdvisorShares Gerber. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AdvisorShares Gerber has no effect on the direction of HUMANA i.e., HUMANA and AdvisorShares Gerber go up and down completely randomly.
Pair Corralation between HUMANA and AdvisorShares Gerber
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.25 times more return on investment than AdvisorShares Gerber. However, HUMANA INC is 4.0 times less risky than AdvisorShares Gerber. It trades about 0.01 of its potential returns per unit of risk. AdvisorShares Gerber Kawasaki is currently generating about -0.05 per unit of risk. If you would invest 8,187 in HUMANA INC on January 27, 2025 and sell it today you would earn a total of 10.00 from holding HUMANA INC or generate 0.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. AdvisorShares Gerber Kawasaki
Performance |
| Timeline |
| HUMANA INC |
| AdvisorShares Gerber |
HUMANA and AdvisorShares Gerber Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and AdvisorShares Gerber
The main advantage of trading using opposite HUMANA and AdvisorShares Gerber positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, AdvisorShares Gerber 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 AdvisorShares Gerber will offset losses from the drop in AdvisorShares Gerber's long position.| HUMANA vs. Chester Mining | HUMANA vs. Electrovaya Common Shares | HUMANA vs. Perseus Mining Limited | HUMANA vs. Austevoll Seafood ASA |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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