Correlation Between HUMANA and Main International
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By analyzing existing cross correlation between HUMANA INC and Main International ETF, you can compare the effects of market volatilities on HUMANA and Main International 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 Main International. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Main International.
Diversification Opportunities for HUMANA and Main International
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between HUMANA and Main is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Main International ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Main International ETF 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 Main International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Main International ETF has no effect on the direction of HUMANA i.e., HUMANA and Main International go up and down completely randomly.
Pair Corralation between HUMANA and Main International
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Main International. In addition to that, HUMANA is 1.75 times more volatile than Main International ETF. It trades about -0.16 of its total potential returns per unit of risk. Main International ETF is currently generating about 0.0 per unit of volatility. If you would invest 2,291 in Main International ETF on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Main International ETF or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Main International ETF
Performance |
| Timeline |
| HUMANA INC |
| Main International ETF |
HUMANA and Main International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Main International
The main advantage of trading using opposite HUMANA and Main International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Main International 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 Main International will offset losses from the drop in Main International's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Main International vs. ADTRAN Inc | Main International vs. International Business Machines | Main International vs. Integrated Ventures | Main International vs. Harmonic |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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