Correlation Between HUMANA and Aston Montag
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By analyzing existing cross correlation between HUMANA INC and Aston Montag Caldwell, you can compare the effects of market volatilities on HUMANA and Aston Montag 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 Aston Montag. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Aston Montag.
Diversification Opportunities for HUMANA and Aston Montag
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Aston is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Aston Montag Caldwell in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aston Montag Caldwell 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 Aston Montag. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aston Montag Caldwell has no effect on the direction of HUMANA i.e., HUMANA and Aston Montag go up and down completely randomly.
Pair Corralation between HUMANA and Aston Montag
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Aston Montag. In addition to that, HUMANA is 1.31 times more volatile than Aston Montag Caldwell. It trades about -0.21 of its total potential returns per unit of risk. Aston Montag Caldwell is currently generating about 0.2 per unit of volatility. If you would invest 1,317 in Aston Montag Caldwell on September 1, 2024 and sell it today you would earn a total of 49.00 from holding Aston Montag Caldwell or generate 3.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Aston Montag Caldwell
Performance |
| Timeline |
| HUMANA INC |
| Aston Montag Caldwell |
HUMANA and Aston Montag Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Aston Montag
The main advantage of trading using opposite HUMANA and Aston Montag positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Aston Montag 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 Aston Montag will offset losses from the drop in Aston Montag's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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