Correlation Between HUMANA and Nuveen New
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By analyzing existing cross correlation between HUMANA INC and Nuveen New York, you can compare the effects of market volatilities on HUMANA and Nuveen New 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 Nuveen New. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Nuveen New.
Diversification Opportunities for HUMANA and Nuveen New
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Nuveen is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Nuveen New York in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen New York 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 Nuveen New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen New York has no effect on the direction of HUMANA i.e., HUMANA and Nuveen New go up and down completely randomly.
Pair Corralation between HUMANA and Nuveen New
Assuming the 90 days trading horizon HUMANA INC is expected to generate 186.47 times more return on investment than Nuveen New. However, HUMANA is 186.47 times more volatile than Nuveen New York. It trades about 0.08 of its potential returns per unit of risk. Nuveen New York is currently generating about 0.04 per unit of risk. If you would invest 7,887 in HUMANA INC on September 1, 2024 and sell it today you would lose (192.00) from holding HUMANA INC or give up 2.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.31% |
| Values | Daily Returns |
HUMANA INC vs. Nuveen New York
Performance |
| Timeline |
| HUMANA INC |
| Nuveen New York |
HUMANA and Nuveen New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Nuveen New
The main advantage of trading using opposite HUMANA and Nuveen New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Nuveen New 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 Nuveen New will offset losses from the drop in Nuveen New's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Nuveen New vs. Nuveen Municipalome | Nuveen New vs. Northern Trust | Nuveen New vs. Liberty All Star | Nuveen New vs. Goldman Sachs BDC |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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