Correlation Between HUMANA and Jacob Small
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By analyzing existing cross correlation between HUMANA INC and Jacob Small Cap, you can compare the effects of market volatilities on HUMANA and Jacob Small 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 Jacob Small. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Jacob Small.
Diversification Opportunities for HUMANA and Jacob Small
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Jacob is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Jacob Small Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jacob Small Cap 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 Jacob Small. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jacob Small Cap has no effect on the direction of HUMANA i.e., HUMANA and Jacob Small go up and down completely randomly.
Pair Corralation between HUMANA and Jacob Small
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Jacob Small. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 2.93 times less risky than Jacob Small. The bond trades about -0.03 of its potential returns per unit of risk. The Jacob Small Cap is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,823 in Jacob Small Cap on September 1, 2024 and sell it today you would earn a total of 320.00 from holding Jacob Small Cap or generate 17.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.87% |
| Values | Daily Returns |
HUMANA INC vs. Jacob Small Cap
Performance |
| Timeline |
| HUMANA INC |
| Jacob Small Cap |
HUMANA and Jacob Small Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Jacob Small
The main advantage of trading using opposite HUMANA and Jacob Small positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Jacob Small 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 Jacob Small will offset losses from the drop in Jacob Small's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Jacob Small vs. Jacob Micro Cap | Jacob Small vs. Jacob Internet Fund | Jacob Small vs. Jacob Forward ETF | Jacob Small vs. Oberweis Small Cap Opportunities |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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