Correlation Between HUMANA and Jpmorgan Hedged
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Jpmorgan Hedged Equity, you can compare the effects of market volatilities on HUMANA and Jpmorgan Hedged 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 Jpmorgan Hedged. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Jpmorgan Hedged.
Diversification Opportunities for HUMANA and Jpmorgan Hedged
-0.79 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Jpmorgan is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Jpmorgan Hedged Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jpmorgan Hedged Equity 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 Jpmorgan Hedged. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jpmorgan Hedged Equity has no effect on the direction of HUMANA i.e., HUMANA and Jpmorgan Hedged go up and down completely randomly.
Pair Corralation between HUMANA and Jpmorgan Hedged
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Jpmorgan Hedged. In addition to that, HUMANA is 1.89 times more volatile than Jpmorgan Hedged Equity. It trades about -0.28 of its total potential returns per unit of risk. Jpmorgan Hedged Equity is currently generating about 0.06 per unit of volatility. If you would invest 1,852 in Jpmorgan Hedged Equity on August 25, 2024 and sell it today you would earn a total of 12.00 from holding Jpmorgan Hedged Equity or generate 0.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Jpmorgan Hedged Equity
Performance |
| Timeline |
| HUMANA INC |
| Jpmorgan Hedged Equity |
HUMANA and Jpmorgan Hedged Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Jpmorgan Hedged
The main advantage of trading using opposite HUMANA and Jpmorgan Hedged positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Jpmorgan Hedged 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 Jpmorgan Hedged will offset losses from the drop in Jpmorgan Hedged's long position.| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth Holdings |
| Jpmorgan Hedged vs. Transamerica Capital Growth | Jpmorgan Hedged vs. Voya Solution Moderately | Jpmorgan Hedged vs. HUMANA INC | Jpmorgan Hedged vs. Aquagold International |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |