Correlation Between HUMANA and ClearBridge Large
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By analyzing existing cross correlation between HUMANA INC and ClearBridge Large Cap, you can compare the effects of market volatilities on HUMANA and ClearBridge Large 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 ClearBridge Large. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and ClearBridge Large.
Diversification Opportunities for HUMANA and ClearBridge Large
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and ClearBridge is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and ClearBridge Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ClearBridge Large 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 ClearBridge Large. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ClearBridge Large Cap has no effect on the direction of HUMANA i.e., HUMANA and ClearBridge Large go up and down completely randomly.
Pair Corralation between HUMANA and ClearBridge Large
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the ClearBridge Large. In addition to that, HUMANA is 1.2 times more volatile than ClearBridge Large Cap. It trades about -0.21 of its total potential returns per unit of risk. ClearBridge Large Cap is currently generating about 0.14 per unit of volatility. If you would invest 7,432 in ClearBridge Large Cap on August 31, 2024 and sell it today you would earn a total of 211.00 from holding ClearBridge Large Cap or generate 2.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. ClearBridge Large Cap
Performance |
| Timeline |
| HUMANA INC |
| ClearBridge Large Cap |
HUMANA and ClearBridge Large Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and ClearBridge Large
The main advantage of trading using opposite HUMANA and ClearBridge Large positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, ClearBridge Large 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 ClearBridge Large will offset losses from the drop in ClearBridge Large's 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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