Correlation Between HUMANA and Janus Triton
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By analyzing existing cross correlation between HUMANA INC and Janus Triton Fund, you can compare the effects of market volatilities on HUMANA and Janus Triton 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 Janus Triton. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Janus Triton.
Diversification Opportunities for HUMANA and Janus Triton
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Janus is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Janus Triton Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Janus Triton 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 Janus Triton. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Janus Triton has no effect on the direction of HUMANA i.e., HUMANA and Janus Triton go up and down completely randomly.
Pair Corralation between HUMANA and Janus Triton
Assuming the 90 days trading horizon HUMANA is expected to generate 9.75 times less return on investment than Janus Triton. But when comparing it to its historical volatility, HUMANA INC is 1.69 times less risky than Janus Triton. It trades about 0.02 of its potential returns per unit of risk. Janus Triton Fund is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 2,459 in Janus Triton Fund on September 1, 2024 and sell it today you would earn a total of 705.00 from holding Janus Triton Fund or generate 28.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.77% |
| Values | Daily Returns |
HUMANA INC vs. Janus Triton Fund
Performance |
| Timeline |
| HUMANA INC |
| Janus Triton |
HUMANA and Janus Triton Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Janus Triton
The main advantage of trading using opposite HUMANA and Janus Triton positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Janus Triton 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 Janus Triton will offset losses from the drop in Janus Triton's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Janus Triton vs. Blackrock Sp 500 | Janus Triton vs. Janus Enterprise Fund | Janus Triton vs. Columbia Small Cap | Janus Triton vs. John Hancock Disciplined |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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