Correlation Between HUMANA and Mainstay Balanced
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By analyzing existing cross correlation between HUMANA INC and Mainstay Balanced Fund, you can compare the effects of market volatilities on HUMANA and Mainstay Balanced 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 Mainstay Balanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Mainstay Balanced.
Diversification Opportunities for HUMANA and Mainstay Balanced
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Mainstay is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Mainstay Balanced Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Balanced 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 Mainstay Balanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Balanced has no effect on the direction of HUMANA i.e., HUMANA and Mainstay Balanced go up and down completely randomly.
Pair Corralation between HUMANA and Mainstay Balanced
Assuming the 90 days trading horizon HUMANA INC is expected to generate 180.97 times more return on investment than Mainstay Balanced. However, HUMANA is 180.97 times more volatile than Mainstay Balanced Fund. It trades about 0.07 of its potential returns per unit of risk. Mainstay Balanced Fund is currently generating about 0.07 per unit of risk. If you would invest 7,980 in HUMANA INC on September 1, 2024 and sell it today you would lose (285.00) from holding HUMANA INC or give up 3.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 94.3% |
| Values | Daily Returns |
HUMANA INC vs. Mainstay Balanced Fund
Performance |
| Timeline |
| HUMANA INC |
| Mainstay Balanced |
HUMANA and Mainstay Balanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Mainstay Balanced
The main advantage of trading using opposite HUMANA and Mainstay Balanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Mainstay Balanced 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 Mainstay Balanced will offset losses from the drop in Mainstay Balanced's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Mainstay Balanced vs. Sprott Gold Equity | Mainstay Balanced vs. Europac Gold Fund | Mainstay Balanced vs. Goldman Sachs Esg | Mainstay Balanced vs. Great West Goldman Sachs |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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