Correlation Between HUMANA and Needham Aggressive
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By analyzing existing cross correlation between HUMANA INC and Needham Aggressive Growth, you can compare the effects of market volatilities on HUMANA and Needham Aggressive 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 Needham Aggressive. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Needham Aggressive.
Diversification Opportunities for HUMANA and Needham Aggressive
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Needham is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Needham Aggressive Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Needham Aggressive Growth 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 Needham Aggressive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Needham Aggressive Growth has no effect on the direction of HUMANA i.e., HUMANA and Needham Aggressive go up and down completely randomly.
Pair Corralation between HUMANA and Needham Aggressive
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Needham Aggressive. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.17 times less risky than Needham Aggressive. The bond trades about -0.19 of its potential returns per unit of risk. The Needham Aggressive Growth is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 4,677 in Needham Aggressive Growth on September 13, 2024 and sell it today you would earn a total of 168.00 from holding Needham Aggressive Growth or generate 3.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Needham Aggressive Growth
Performance |
| Timeline |
| HUMANA INC |
| Needham Aggressive Growth |
HUMANA and Needham Aggressive Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Needham Aggressive
The main advantage of trading using opposite HUMANA and Needham Aggressive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Needham Aggressive 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 Needham Aggressive will offset losses from the drop in Needham Aggressive's long position.| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
| Needham Aggressive vs. Needham Small Cap | Needham Aggressive vs. Needham Growth Fund | Needham Aggressive vs. Needham Aggressive Growth | Needham Aggressive vs. Oberweis Micro Cap Fund |
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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