Correlation Between HUMANA and Mesirow Financial
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Mesirow Financial Small, you can compare the effects of market volatilities on HUMANA and Mesirow Financial 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 Mesirow Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Mesirow Financial.
Diversification Opportunities for HUMANA and Mesirow Financial
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HUMANA and Mesirow is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Mesirow Financial Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mesirow Financial Small 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 Mesirow Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mesirow Financial Small has no effect on the direction of HUMANA i.e., HUMANA and Mesirow Financial go up and down completely randomly.
Pair Corralation between HUMANA and Mesirow Financial
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.97 times more return on investment than Mesirow Financial. However, HUMANA INC is 1.03 times less risky than Mesirow Financial. It trades about -0.09 of its potential returns per unit of risk. Mesirow Financial Small is currently generating about -0.24 per unit of risk. If you would invest 8,052 in HUMANA INC on November 27, 2024 and sell it today you would lose (153.00) from holding HUMANA INC or give up 1.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Mesirow Financial Small
Performance |
| Timeline |
| HUMANA INC |
| Mesirow Financial Small |
HUMANA and Mesirow Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Mesirow Financial
The main advantage of trading using opposite HUMANA and Mesirow Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Mesirow Financial 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 Mesirow Financial will offset losses from the drop in Mesirow Financial's long position.| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
| Mesirow Financial vs. Credit Suisse Multialternative | Mesirow Financial vs. Small Pany Growth | Mesirow Financial vs. Glg Intl Small | Mesirow Financial vs. Versatile Bond Portfolio |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |