Correlation Between HUMANA and Eagle Capital
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By analyzing existing cross correlation between HUMANA INC and Eagle Capital Appreciation, you can compare the effects of market volatilities on HUMANA and Eagle 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 Eagle Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Eagle Capital.
Diversification Opportunities for HUMANA and Eagle Capital
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Eagle is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Eagle Capital Appreciation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eagle Capital Apprec 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 Eagle Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eagle Capital Apprec has no effect on the direction of HUMANA i.e., HUMANA and Eagle Capital go up and down completely randomly.
Pair Corralation between HUMANA and Eagle Capital
Assuming the 90 days trading horizon HUMANA INC is expected to generate 55.85 times more return on investment than Eagle Capital. However, HUMANA is 55.85 times more volatile than Eagle Capital Appreciation. It trades about 0.07 of its potential returns per unit of risk. Eagle Capital Appreciation is currently generating about 0.04 per unit of risk. If you would invest 7,962 in HUMANA INC on August 24, 2024 and sell it today you would earn a total of 73.00 from holding HUMANA INC or generate 0.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 93.75% |
| Values | Daily Returns |
HUMANA INC vs. Eagle Capital Appreciation
Performance |
| Timeline |
| HUMANA INC |
| Eagle Capital Apprec |
HUMANA and Eagle Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Eagle Capital
The main advantage of trading using opposite HUMANA and Eagle Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Eagle 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 Eagle Capital will offset losses from the drop in Eagle Capital's long position.| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth Holdings |
| Eagle Capital vs. HUMANA INC | Eagle Capital vs. Aquagold International | Eagle Capital vs. Barloworld Ltd ADR | Eagle Capital 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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