Correlation Between HUMANA and Blackrock Lifepath
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By analyzing existing cross correlation between HUMANA INC and Blackrock Lifepath Esg, you can compare the effects of market volatilities on HUMANA and Blackrock Lifepath 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 Blackrock Lifepath. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Blackrock Lifepath.
Diversification Opportunities for HUMANA and Blackrock Lifepath
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Blackrock is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Blackrock Lifepath Esg in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackrock Lifepath Esg 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 Blackrock Lifepath. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackrock Lifepath Esg has no effect on the direction of HUMANA i.e., HUMANA and Blackrock Lifepath go up and down completely randomly.
Pair Corralation between HUMANA and Blackrock Lifepath
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Blackrock Lifepath. In addition to that, HUMANA is 2.74 times more volatile than Blackrock Lifepath Esg. It trades about -0.19 of its total potential returns per unit of risk. Blackrock Lifepath Esg is currently generating about 0.2 per unit of volatility. If you would invest 1,456 in Blackrock Lifepath Esg on September 13, 2024 and sell it today you would earn a total of 26.00 from holding Blackrock Lifepath Esg or generate 1.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Blackrock Lifepath Esg
Performance |
| Timeline |
| HUMANA INC |
| Blackrock Lifepath Esg |
HUMANA and Blackrock Lifepath Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Blackrock Lifepath
The main advantage of trading using opposite HUMANA and Blackrock Lifepath positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Blackrock Lifepath 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 Blackrock Lifepath will offset losses from the drop in Blackrock Lifepath's long position.| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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