Correlation Between HUMANA and The Hartford
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By analyzing existing cross correlation between HUMANA INC and The Hartford Growth, you can compare the effects of market volatilities on HUMANA and The Hartford 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 The Hartford. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and The Hartford.
Diversification Opportunities for HUMANA and The Hartford
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and The is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and The Hartford Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hartford Growth 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 The Hartford. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hartford Growth has no effect on the direction of HUMANA i.e., HUMANA and The Hartford go up and down completely randomly.
Pair Corralation between HUMANA and The Hartford
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the The Hartford. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 2.52 times less risky than The Hartford. The bond trades about -0.08 of its potential returns per unit of risk. The The Hartford Growth is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 5,464 in The Hartford Growth on August 24, 2024 and sell it today you would earn a total of 226.00 from holding The Hartford Growth or generate 4.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. The Hartford Growth
Performance |
| Timeline |
| HUMANA INC |
| Hartford Growth |
HUMANA and The Hartford Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and The Hartford
The main advantage of trading using opposite HUMANA and The Hartford positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, The Hartford 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 The Hartford will offset losses from the drop in The Hartford's long position.| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth Holdings |
| The Hartford vs. HUMANA INC | The Hartford vs. Aquagold International | The Hartford vs. Barloworld Ltd ADR | The Hartford 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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