Correlation Between HUMANA and Janus Venture
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By analyzing existing cross correlation between HUMANA INC and Janus Venture Fund, you can compare the effects of market volatilities on HUMANA and Janus Venture 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 Venture. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Janus Venture.
Diversification Opportunities for HUMANA and Janus Venture
-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 Venture Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Janus Venture 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 Venture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Janus Venture has no effect on the direction of HUMANA i.e., HUMANA and Janus Venture go up and down completely randomly.
Pair Corralation between HUMANA and Janus Venture
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Janus Venture. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.68 times less risky than Janus Venture. The bond trades about -0.09 of its potential returns per unit of risk. The Janus Venture Fund is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 7,993 in Janus Venture Fund on September 3, 2024 and sell it today you would earn a total of 792.00 from holding Janus Venture Fund or generate 9.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 96.88% |
| Values | Daily Returns |
HUMANA INC vs. Janus Venture Fund
Performance |
| Timeline |
| HUMANA INC |
| Janus Venture |
HUMANA and Janus Venture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Janus Venture
The main advantage of trading using opposite HUMANA and Janus Venture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Janus Venture 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 Venture will offset losses from the drop in Janus Venture's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Janus Venture vs. Vanguard International Growth | Janus Venture vs. Vanguard Windsor Fund | Janus Venture vs. SCOR PK | Janus Venture 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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