Correlation Between HUMANA and Janus Global
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By analyzing existing cross correlation between HUMANA INC and Janus Global Select, you can compare the effects of market volatilities on HUMANA and Janus Global 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 Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Janus Global.
Diversification Opportunities for HUMANA and Janus Global
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Janus is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Janus Global Select in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Janus Global Select 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 Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Janus Global Select has no effect on the direction of HUMANA i.e., HUMANA and Janus Global go up and down completely randomly.
Pair Corralation between HUMANA and Janus Global
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Janus Global. In addition to that, HUMANA is 1.36 times more volatile than Janus Global Select. It trades about -0.22 of its total potential returns per unit of risk. Janus Global Select is currently generating about 0.06 per unit of volatility. If you would invest 2,010 in Janus Global Select on August 30, 2024 and sell it today you would earn a total of 22.00 from holding Janus Global Select or generate 1.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Janus Global Select
Performance |
| Timeline |
| HUMANA INC |
| Janus Global Select |
HUMANA and Janus Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Janus Global
The main advantage of trading using opposite HUMANA and Janus Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Janus Global 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 Global will offset losses from the drop in Janus Global's long position.The idea behind HUMANA INC and Janus Global Select pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Janus Global vs. Commonwealth Australianew Zealand | Janus Global vs. Commonwealth Japan Fund | Janus Global vs. Commonwealth Real Estate | Janus Global vs. HUMANA INC |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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