Correlation Between HUMANA and Thrivent High
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By analyzing existing cross correlation between HUMANA INC and Thrivent High Yield, you can compare the effects of market volatilities on HUMANA and Thrivent High 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 Thrivent High. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Thrivent High.
Diversification Opportunities for HUMANA and Thrivent High
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Thrivent is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Thrivent High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thrivent High Yield 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 Thrivent High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thrivent High Yield has no effect on the direction of HUMANA i.e., HUMANA and Thrivent High go up and down completely randomly.
Pair Corralation between HUMANA and Thrivent High
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Thrivent High. In addition to that, HUMANA is 3.56 times more volatile than Thrivent High Yield. It trades about -0.12 of its total potential returns per unit of risk. Thrivent High Yield is currently generating about 0.08 per unit of volatility. If you would invest 423.00 in Thrivent High Yield on August 23, 2024 and sell it today you would earn a total of 1.00 from holding Thrivent High Yield or generate 0.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
HUMANA INC vs. Thrivent High Yield
Performance |
| Timeline |
| HUMANA INC |
| Thrivent High Yield |
HUMANA and Thrivent High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Thrivent High
The main advantage of trading using opposite HUMANA and Thrivent High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Thrivent High 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 Thrivent High will offset losses from the drop in Thrivent High's long position.| HUMANA vs. Western Digital | HUMANA vs. Arrow Electronics | HUMANA vs. Anheuser Busch Inbev | HUMANA vs. Keurig Dr Pepper |
| Thrivent High vs. Thrivent Large Cap | Thrivent High vs. HUMANA INC | Thrivent High vs. Aquagold International | Thrivent High vs. Barloworld Ltd ADR |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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