Correlation Between HUMANA and Pro-blend(r) Extended
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Pro Blend Extended Term, you can compare the effects of market volatilities on HUMANA and Pro-blend(r) Extended 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 Pro-blend(r) Extended. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Pro-blend(r) Extended.
Diversification Opportunities for HUMANA and Pro-blend(r) Extended
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HUMANA and Pro-blend(r) is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Pro Blend Extended Term in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pro-blend(r) Extended 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 Pro-blend(r) Extended. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pro-blend(r) Extended has no effect on the direction of HUMANA i.e., HUMANA and Pro-blend(r) Extended go up and down completely randomly.
Pair Corralation between HUMANA and Pro-blend(r) Extended
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Pro-blend(r) Extended. In addition to that, HUMANA is 1.36 times more volatile than Pro Blend Extended Term. It trades about 0.0 of its total potential returns per unit of risk. Pro Blend Extended Term is currently generating about 0.07 per unit of volatility. If you would invest 1,874 in Pro Blend Extended Term on November 28, 2024 and sell it today you would earn a total of 108.00 from holding Pro Blend Extended Term or generate 5.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.45% |
| Values | Daily Returns |
HUMANA INC vs. Pro Blend Extended Term
Performance |
| Timeline |
| HUMANA INC |
| Pro-blend(r) Extended |
HUMANA and Pro-blend(r) Extended Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Pro-blend(r) Extended
The main advantage of trading using opposite HUMANA and Pro-blend(r) Extended positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Pro-blend(r) Extended 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 Pro-blend(r) Extended will offset losses from the drop in Pro-blend(r) Extended's long position.| HUMANA vs. Iridium Communications | HUMANA vs. Barrick Gold Corp | HUMANA vs. Sun Peak Metals | HUMANA vs. Pinterest |
| Pro-blend(r) Extended vs. Pro Blend Moderate Term | Pro-blend(r) Extended vs. Pro Blend Maximum Term | Pro-blend(r) Extended vs. Pro Blend Servative Term | Pro-blend(r) Extended vs. Madison Mid Cap |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |