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
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Harbor is -0.74. 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 INC is expected to under-perform the Harbor Capital. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.75 times less risky than Harbor Capital. The bond trades about -0.07 of its potential returns per unit of risk. The Harbor Capital Appreciation is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 12,117 in Harbor Capital Appreciation on August 28, 2024 and sell it today you would earn a total of 478.00 from holding Harbor Capital Appreciation or generate 3.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| 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. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
| Harbor Capital vs. Harbor International Fund | Harbor Capital vs. Harbor Small Cap | Harbor Capital vs. Growth Fund Of | Harbor Capital vs. Growth Fund Of |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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