Correlation Between HUMANA and Nuveen Credit
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Nuveen Credit Strategies, you can compare the effects of market volatilities on HUMANA and Nuveen Credit 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 Nuveen Credit. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Nuveen Credit.
Diversification Opportunities for HUMANA and Nuveen Credit
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Nuveen is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Nuveen Credit Strategies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Credit Strategies 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 Nuveen Credit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Credit Strategies has no effect on the direction of HUMANA i.e., HUMANA and Nuveen Credit go up and down completely randomly.
Pair Corralation between HUMANA and Nuveen Credit
Assuming the 90 days trading horizon HUMANA INC is expected to generate 130.9 times more return on investment than Nuveen Credit. However, HUMANA is 130.9 times more volatile than Nuveen Credit Strategies. It trades about 0.08 of its potential returns per unit of risk. Nuveen Credit Strategies is currently generating about 0.13 per unit of risk. If you would invest 7,917 in HUMANA INC on August 31, 2024 and sell it today you would lose (222.00) from holding HUMANA INC or give up 2.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.32% |
| Values | Daily Returns |
HUMANA INC vs. Nuveen Credit Strategies
Performance |
| Timeline |
| HUMANA INC |
| Nuveen Credit Strategies |
HUMANA and Nuveen Credit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Nuveen Credit
The main advantage of trading using opposite HUMANA and Nuveen Credit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Nuveen Credit 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 Nuveen Credit will offset losses from the drop in Nuveen Credit's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Nuveen Credit vs. MFS Investment Grade | Nuveen Credit vs. Eaton Vance Municipal | Nuveen Credit vs. DTF Tax Free | Nuveen Credit 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |