Correlation Between HUMANA and Global Strategist
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By analyzing existing cross correlation between HUMANA INC and Global Strategist Portfolio, you can compare the effects of market volatilities on HUMANA and Global Strategist 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 Global Strategist. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Global Strategist.
Diversification Opportunities for HUMANA and Global Strategist
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Global is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Global Strategist Portfolio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Strategist 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 Global Strategist. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Strategist has no effect on the direction of HUMANA i.e., HUMANA and Global Strategist go up and down completely randomly.
Pair Corralation between HUMANA and Global Strategist
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Global Strategist. In addition to that, HUMANA is 2.66 times more volatile than Global Strategist Portfolio. It trades about -0.22 of its total potential returns per unit of risk. Global Strategist Portfolio is currently generating about -0.02 per unit of volatility. If you would invest 1,724 in Global Strategist Portfolio on August 29, 2024 and sell it today you would lose (3.00) from holding Global Strategist Portfolio or give up 0.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Global Strategist Portfolio
Performance |
| Timeline |
| HUMANA INC |
| Global Strategist |
HUMANA and Global Strategist Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Global Strategist
The main advantage of trading using opposite HUMANA and Global Strategist positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Global Strategist 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 Global Strategist will offset losses from the drop in Global Strategist's long position.| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
| Global Strategist vs. Emerging Markets Equity | Global Strategist vs. Global Fixed Income | Global Strategist vs. Global Fixed Income | Global Strategist vs. Global Fixed Income |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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