Correlation Between HUMANA and IShares MSCI
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By analyzing existing cross correlation between HUMANA INC and iShares MSCI China, you can compare the effects of market volatilities on HUMANA and IShares MSCI 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 IShares MSCI. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and IShares MSCI.
Diversification Opportunities for HUMANA and IShares MSCI
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and IShares is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and iShares MSCI China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares MSCI China 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 IShares MSCI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares MSCI China has no effect on the direction of HUMANA i.e., HUMANA and IShares MSCI go up and down completely randomly.
Pair Corralation between HUMANA and IShares MSCI
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the IShares MSCI. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.92 times less risky than IShares MSCI. The bond trades about -0.21 of its potential returns per unit of risk. The iShares MSCI China is currently generating about -0.07 of returns per unit of risk over similar time horizon. If you would invest 4,925 in iShares MSCI China on September 1, 2024 and sell it today you would lose (193.00) from holding iShares MSCI China or give up 3.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. iShares MSCI China
Performance |
| Timeline |
| HUMANA INC |
| iShares MSCI China |
HUMANA and IShares MSCI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and IShares MSCI
The main advantage of trading using opposite HUMANA and IShares MSCI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, IShares MSCI 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 IShares MSCI will offset losses from the drop in IShares MSCI's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| IShares MSCI vs. KraneShares CSI China | IShares MSCI vs. Invesco China Technology | IShares MSCI vs. iShares MSCI India | IShares MSCI vs. Xtrackers Harvest CSI |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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