Correlation Between HUMANA and Hundredfold Select
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By analyzing existing cross correlation between HUMANA INC and Hundredfold Select Alternative, you can compare the effects of market volatilities on HUMANA and Hundredfold Select 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 Hundredfold Select. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Hundredfold Select.
Diversification Opportunities for HUMANA and Hundredfold Select
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Hundredfold is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Hundredfold Select Alternative in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hundredfold Select 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 Hundredfold Select. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hundredfold Select has no effect on the direction of HUMANA i.e., HUMANA and Hundredfold Select go up and down completely randomly.
Pair Corralation between HUMANA and Hundredfold Select
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Hundredfold Select. In addition to that, HUMANA is 1.76 times more volatile than Hundredfold Select Alternative. It trades about -0.04 of its total potential returns per unit of risk. Hundredfold Select Alternative is currently generating about 0.13 per unit of volatility. If you would invest 2,325 in Hundredfold Select Alternative on September 1, 2024 and sell it today you would earn a total of 150.00 from holding Hundredfold Select Alternative or generate 6.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.64% |
| Values | Daily Returns |
HUMANA INC vs. Hundredfold Select Alternative
Performance |
| Timeline |
| HUMANA INC |
| Hundredfold Select |
HUMANA and Hundredfold Select Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Hundredfold Select
The main advantage of trading using opposite HUMANA and Hundredfold Select positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Hundredfold Select 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 Hundredfold Select will offset losses from the drop in Hundredfold Select's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Hundredfold Select vs. Spectrum Low Volatility | Hundredfold Select vs. Hundredfold Select Alternative | Hundredfold Select vs. Columbia Thermostat Fund | Hundredfold Select vs. Ontrack E Fund |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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