Correlation Between HUMANA and Highland Global
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By analyzing existing cross correlation between HUMANA INC and Highland Global Allocation, you can compare the effects of market volatilities on HUMANA and Highland Global 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 Highland Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Highland Global.
Diversification Opportunities for HUMANA and Highland Global
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Highland is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Highland Global Allocation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Highland Global Allo 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 Highland Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Highland Global Allo has no effect on the direction of HUMANA i.e., HUMANA and Highland Global go up and down completely randomly.
Pair Corralation between HUMANA and Highland Global
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Highland Global. In addition to that, HUMANA is 1.31 times more volatile than Highland Global Allocation. It trades about -0.16 of its total potential returns per unit of risk. Highland Global Allocation is currently generating about 0.04 per unit of volatility. If you would invest 765.00 in Highland Global Allocation on September 1, 2024 and sell it today you would earn a total of 6.00 from holding Highland Global Allocation or generate 0.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Highland Global Allocation
Performance |
| Timeline |
| HUMANA INC |
| Highland Global Allo |
HUMANA and Highland Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Highland Global
The main advantage of trading using opposite HUMANA and Highland Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Highland Global 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 Highland Global will offset losses from the drop in Highland Global's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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