Correlation Between HUMANA and Hartford Short
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By analyzing existing cross correlation between HUMANA INC and Hartford Short Duration, you can compare the effects of market volatilities on HUMANA and Hartford Short 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 Hartford Short. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Hartford Short.
Diversification Opportunities for HUMANA and Hartford Short
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Hartford is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Hartford Short Duration in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hartford Short Duration 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 Hartford Short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hartford Short Duration has no effect on the direction of HUMANA i.e., HUMANA and Hartford Short go up and down completely randomly.
Pair Corralation between HUMANA and Hartford Short
Assuming the 90 days trading horizon HUMANA is expected to generate 2.91 times less return on investment than Hartford Short. In addition to that, HUMANA is 5.76 times more volatile than Hartford Short Duration. It trades about 0.02 of its total potential returns per unit of risk. Hartford Short Duration is currently generating about 0.28 per unit of volatility. If you would invest 3,718 in Hartford Short Duration on August 23, 2024 and sell it today you would earn a total of 193.00 from holding Hartford Short Duration or generate 5.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.35% |
| Values | Daily Returns |
HUMANA INC vs. Hartford Short Duration
Performance |
| Timeline |
| HUMANA INC |
| Hartford Short Duration |
HUMANA and Hartford Short Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Hartford Short
The main advantage of trading using opposite HUMANA and Hartford Short positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Hartford Short 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 Hartford Short will offset losses from the drop in Hartford Short's long position.| HUMANA vs. Western Digital | HUMANA vs. Arrow Electronics | HUMANA vs. Anheuser Busch Inbev | HUMANA vs. Keurig Dr Pepper |
| Hartford Short vs. SPDR Bloomberg 1 3 | Hartford Short vs. JPMorgan Ultra Short Income | Hartford Short vs. iShares Ultra Short Term | Hartford Short vs. First Trust Enhanced |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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