Correlation Between HUMANA and Catalyst/millburn
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Catalystmillburn Hedge Strategy, you can compare the effects of market volatilities on HUMANA and Catalyst/millburn 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 Catalyst/millburn. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Catalyst/millburn.
Diversification Opportunities for HUMANA and Catalyst/millburn
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Catalyst/millburn is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Catalystmillburn Hedge Strateg in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Catalystmillburn Hedge 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 Catalyst/millburn. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Catalystmillburn Hedge has no effect on the direction of HUMANA i.e., HUMANA and Catalyst/millburn go up and down completely randomly.
Pair Corralation between HUMANA and Catalyst/millburn
Assuming the 90 days trading horizon HUMANA INC is expected to generate 1.84 times more return on investment than Catalyst/millburn. However, HUMANA is 1.84 times more volatile than Catalystmillburn Hedge Strategy. It trades about 0.12 of its potential returns per unit of risk. Catalystmillburn Hedge Strategy is currently generating about -0.12 per unit of risk. If you would invest 8,197 in HUMANA INC on October 9, 2024 and sell it today you would earn a total of 247.00 from holding HUMANA INC or generate 3.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
HUMANA INC vs. Catalystmillburn Hedge Strateg
Performance |
| Timeline |
| HUMANA INC |
| Catalystmillburn Hedge |
HUMANA and Catalyst/millburn Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Catalyst/millburn
The main advantage of trading using opposite HUMANA and Catalyst/millburn positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Catalyst/millburn 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 Catalyst/millburn will offset losses from the drop in Catalyst/millburn's long position.| HUMANA vs. The Cheesecake Factory | HUMANA vs. Oasis Hotel Resort | HUMANA vs. Cardinal Health | HUMANA vs. Definitive Healthcare Corp |
| Catalyst/millburn vs. Northern Small Cap | Catalyst/millburn vs. Tiaa Cref Small Cap Blend | Catalyst/millburn vs. T Rowe Price | Catalyst/millburn vs. Stone Ridge Diversified |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |