Correlation Between HUMANA and Cohen Steers
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By analyzing existing cross correlation between HUMANA INC and Cohen Steers Mlp, you can compare the effects of market volatilities on HUMANA and Cohen Steers 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 Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Cohen Steers.
Diversification Opportunities for HUMANA and Cohen Steers
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Cohen is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Cohen Steers Mlp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Mlp 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 Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Mlp has no effect on the direction of HUMANA i.e., HUMANA and Cohen Steers go up and down completely randomly.
Pair Corralation between HUMANA and Cohen Steers
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Cohen Steers. In addition to that, HUMANA is 2.39 times more volatile than Cohen Steers Mlp. It trades about -0.16 of its total potential returns per unit of risk. Cohen Steers Mlp is currently generating about 0.57 per unit of volatility. If you would invest 867.00 in Cohen Steers Mlp on September 1, 2024 and sell it today you would earn a total of 66.00 from holding Cohen Steers Mlp or generate 7.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Cohen Steers Mlp
Performance |
| Timeline |
| HUMANA INC |
| Cohen Steers Mlp |
HUMANA and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Cohen Steers
The main advantage of trading using opposite HUMANA and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Cohen Steers vs. Federated Ohio Municipal | Cohen Steers vs. Calamos Short Term Bond | Cohen Steers vs. Legg Mason Partners | Cohen Steers vs. Blrc Sgy Mnp |
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.
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