Correlation Between HUMANA and Manning Napier
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By analyzing existing cross correlation between HUMANA INC and Manning Napier Pro Blend, you can compare the effects of market volatilities on HUMANA and Manning Napier 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 Manning Napier. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Manning Napier.
Diversification Opportunities for HUMANA and Manning Napier
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Manning is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Manning Napier Pro Blend in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manning Napier Pro 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 Manning Napier. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manning Napier Pro has no effect on the direction of HUMANA i.e., HUMANA and Manning Napier go up and down completely randomly.
Pair Corralation between HUMANA and Manning Napier
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Manning Napier. In addition to that, HUMANA is 3.8 times more volatile than Manning Napier Pro Blend. It trades about -0.09 of its total potential returns per unit of risk. Manning Napier Pro Blend is currently generating about 0.15 per unit of volatility. If you would invest 1,306 in Manning Napier Pro Blend on November 28, 2024 and sell it today you would earn a total of 10.00 from holding Manning Napier Pro Blend or generate 0.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Manning Napier Pro Blend
Performance |
| Timeline |
| HUMANA INC |
| Manning Napier Pro |
HUMANA and Manning Napier Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Manning Napier
The main advantage of trading using opposite HUMANA and Manning Napier positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Manning Napier 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 Manning Napier will offset losses from the drop in Manning Napier's long position.| HUMANA vs. Iridium Communications | HUMANA vs. Barrick Gold Corp | HUMANA vs. Sun Peak Metals | HUMANA vs. Pinterest |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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