Correlation Between HUMANA and Tekla Healthcare
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By analyzing existing cross correlation between HUMANA INC and Tekla Healthcare Investors, you can compare the effects of market volatilities on HUMANA and Tekla Healthcare 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 Tekla Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Tekla Healthcare.
Diversification Opportunities for HUMANA and Tekla Healthcare
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Tekla is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Tekla Healthcare Investors in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tekla Healthcare Inv 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 Tekla Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tekla Healthcare Inv has no effect on the direction of HUMANA i.e., HUMANA and Tekla Healthcare go up and down completely randomly.
Pair Corralation between HUMANA and Tekla Healthcare
If you would invest 0.00 in Tekla Healthcare Investors on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Tekla Healthcare Investors or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Tekla Healthcare Investors
Performance |
| Timeline |
| HUMANA INC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Tekla Healthcare Inv |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HUMANA and Tekla Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Tekla Healthcare
The main advantage of trading using opposite HUMANA and Tekla Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Tekla Healthcare 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 Tekla Healthcare will offset losses from the drop in Tekla Healthcare's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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