Correlation Between HUMANA and Loomis Sayles
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By analyzing existing cross correlation between HUMANA INC and Loomis Sayles Global, you can compare the effects of market volatilities on HUMANA and Loomis Sayles 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 Loomis Sayles. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Loomis Sayles.
Diversification Opportunities for HUMANA and Loomis Sayles
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Loomis is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Loomis Sayles Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Loomis Sayles Global 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 Loomis Sayles. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Loomis Sayles Global has no effect on the direction of HUMANA i.e., HUMANA and Loomis Sayles go up and down completely randomly.
Pair Corralation between HUMANA and Loomis Sayles
Assuming the 90 days trading horizon HUMANA INC is expected to generate 133.74 times more return on investment than Loomis Sayles. However, HUMANA is 133.74 times more volatile than Loomis Sayles Global. It trades about 0.08 of its potential returns per unit of risk. Loomis Sayles Global is currently generating about 0.08 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 | Very Weak |
| Accuracy | 97.32% |
| Values | Daily Returns |
HUMANA INC vs. Loomis Sayles Global
Performance |
| Timeline |
| HUMANA INC |
| Loomis Sayles Global |
HUMANA and Loomis Sayles Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Loomis Sayles
The main advantage of trading using opposite HUMANA and Loomis Sayles positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Loomis Sayles 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 Loomis Sayles will offset losses from the drop in Loomis Sayles' long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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