Correlation Between HUMANA and Heartland Banccorp
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By analyzing existing cross correlation between HUMANA INC and Heartland Banccorp, you can compare the effects of market volatilities on HUMANA and Heartland Banccorp 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 Heartland Banccorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Heartland Banccorp.
Diversification Opportunities for HUMANA and Heartland Banccorp
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Heartland is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Heartland Banccorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heartland Banccorp 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 Heartland Banccorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heartland Banccorp has no effect on the direction of HUMANA i.e., HUMANA and Heartland Banccorp go up and down completely randomly.
Pair Corralation between HUMANA and Heartland Banccorp
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Heartland Banccorp. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 7.84 times less risky than Heartland Banccorp. The bond trades about -0.04 of its potential returns per unit of risk. The Heartland Banccorp is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 9,000 in Heartland Banccorp on August 31, 2024 and sell it today you would earn a total of 7,450 from holding Heartland Banccorp or generate 82.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.41% |
| Values | Daily Returns |
HUMANA INC vs. Heartland Banccorp
Performance |
| Timeline |
| HUMANA INC |
| Heartland Banccorp |
HUMANA and Heartland Banccorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Heartland Banccorp
The main advantage of trading using opposite HUMANA and Heartland Banccorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Heartland Banccorp 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 Heartland Banccorp will offset losses from the drop in Heartland Banccorp's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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