Correlation Between HUMANA and Voya Solution
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By analyzing existing cross correlation between HUMANA INC and Voya Solution 2030, you can compare the effects of market volatilities on HUMANA and Voya Solution 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 Voya Solution. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Voya Solution.
Diversification Opportunities for HUMANA and Voya Solution
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Voya is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Voya Solution 2030 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Solution 2030 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 Voya Solution. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Solution 2030 has no effect on the direction of HUMANA i.e., HUMANA and Voya Solution go up and down completely randomly.
Pair Corralation between HUMANA and Voya Solution
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Voya Solution. In addition to that, HUMANA is 4.05 times more volatile than Voya Solution 2030. It trades about -0.15 of its total potential returns per unit of risk. Voya Solution 2030 is currently generating about 0.13 per unit of volatility. If you would invest 1,500 in Voya Solution 2030 on September 13, 2024 and sell it today you would earn a total of 15.00 from holding Voya Solution 2030 or generate 1.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Voya Solution 2030
Performance |
| Timeline |
| HUMANA INC |
| Voya Solution 2030 |
HUMANA and Voya Solution Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Voya Solution
The main advantage of trading using opposite HUMANA and Voya Solution positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Voya Solution 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 Voya Solution will offset losses from the drop in Voya Solution's long position.| HUMANA vs. Doubledown Interactive Co | HUMANA vs. Golden Matrix Group | HUMANA vs. Skechers USA | HUMANA vs. NetEase |
| Voya Solution vs. Voya Bond Index | Voya Solution vs. Voya Bond Index | Voya Solution vs. Voya Limited Maturity | Voya Solution vs. Voya Limited Maturity |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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