Correlation Between HUMANA and Mutual Of
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By analyzing existing cross correlation between HUMANA INC and Mutual Of America, you can compare the effects of market volatilities on HUMANA and Mutual Of 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 Mutual Of. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Mutual Of.
Diversification Opportunities for HUMANA and Mutual Of
Average diversification
The 3 months correlation between HUMANA and Mutual is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Mutual Of America in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mutual Of America 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 Mutual Of. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mutual Of America has no effect on the direction of HUMANA i.e., HUMANA and Mutual Of go up and down completely randomly.
Pair Corralation between HUMANA and Mutual Of
Assuming the 90 days trading horizon HUMANA INC is expected to generate 148.25 times more return on investment than Mutual Of. However, HUMANA is 148.25 times more volatile than Mutual Of America. It trades about 0.07 of its potential returns per unit of risk. Mutual Of America is currently generating about 0.05 per unit of risk. If you would invest 8,033 in HUMANA INC on August 23, 2024 and sell it today you would earn a total of 2.00 from holding HUMANA INC or generate 0.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 93.75% |
| Values | Daily Returns |
HUMANA INC vs. Mutual Of America
Performance |
| Timeline |
| HUMANA INC |
| Mutual Of America |
HUMANA and Mutual Of Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Mutual Of
The main advantage of trading using opposite HUMANA and Mutual Of positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Mutual Of 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 Mutual Of will offset losses from the drop in Mutual Of's long position.| HUMANA vs. Western Digital | HUMANA vs. Arrow Electronics | HUMANA vs. Anheuser Busch Inbev | HUMANA vs. Keurig Dr Pepper |
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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