Correlation Between HUMANA and Harbor Capital
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By analyzing existing cross correlation between HUMANA INC and Harbor Capital Appreciation, you can compare the effects of market volatilities on HUMANA and Harbor Capital 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 Harbor Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Harbor Capital.
Diversification Opportunities for HUMANA and Harbor Capital
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Harbor is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Harbor Capital Appreciation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbor Capital Appre 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 Harbor Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbor Capital Appre has no effect on the direction of HUMANA i.e., HUMANA and Harbor Capital go up and down completely randomly.
Pair Corralation between HUMANA and Harbor Capital
Assuming the 90 days trading horizon HUMANA is expected to generate 12.03 times less return on investment than Harbor Capital. But when comparing it to its historical volatility, HUMANA INC is 1.88 times less risky than Harbor Capital. It trades about 0.02 of its potential returns per unit of risk. Harbor Capital Appreciation is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 8,370 in Harbor Capital Appreciation on August 25, 2024 and sell it today you would earn a total of 4,053 from holding Harbor Capital Appreciation or generate 48.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.59% |
| Values | Daily Returns |
HUMANA INC vs. Harbor Capital Appreciation
Performance |
| Timeline |
| HUMANA INC |
| Harbor Capital Appre |
HUMANA and Harbor Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Harbor Capital
The main advantage of trading using opposite HUMANA and Harbor Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Harbor Capital 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 Harbor Capital will offset losses from the drop in Harbor Capital's long position.| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth Holdings |
| Harbor Capital vs. HUMANA INC | Harbor Capital vs. Aquagold International | Harbor Capital vs. Barloworld Ltd ADR | Harbor Capital vs. Morningstar Unconstrained Allocation |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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