Correlation Between HUMANA and Mfs Global
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Mfs Global Real, you can compare the effects of market volatilities on HUMANA and Mfs Global 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 Mfs Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Mfs Global.
Diversification Opportunities for HUMANA and Mfs Global
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Mfs is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Mfs Global Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mfs Global Real 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 Mfs Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mfs Global Real has no effect on the direction of HUMANA i.e., HUMANA and Mfs Global go up and down completely randomly.
Pair Corralation between HUMANA and Mfs Global
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Mfs Global. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.16 times less risky than Mfs Global. The bond trades about -0.04 of its potential returns per unit of risk. The Mfs Global Real is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 1,611 in Mfs Global Real on September 1, 2024 and sell it today you would earn a total of 159.00 from holding Mfs Global Real or generate 9.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.41% |
| Values | Daily Returns |
HUMANA INC vs. Mfs Global Real
Performance |
| Timeline |
| HUMANA INC |
| Mfs Global Real |
HUMANA and Mfs Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Mfs Global
The main advantage of trading using opposite HUMANA and Mfs Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Mfs Global 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 Mfs Global will offset losses from the drop in Mfs Global's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Mfs Global vs. Mfs Global Real | Mfs Global vs. Mfs International Diversification | Mfs Global vs. Janus Global Real | Mfs Global vs. Mfs E Equity |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |