Correlation Between HUMANA and Neuberger Berman
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By analyzing existing cross correlation between HUMANA INC and Neuberger Berman Intl, you can compare the effects of market volatilities on HUMANA and Neuberger Berman 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 Neuberger Berman. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Neuberger Berman.
Diversification Opportunities for HUMANA and Neuberger Berman
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Neuberger is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Neuberger Berman Intl in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Neuberger Berman Intl 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 Neuberger Berman. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Neuberger Berman Intl has no effect on the direction of HUMANA i.e., HUMANA and Neuberger Berman go up and down completely randomly.
Pair Corralation between HUMANA and Neuberger Berman
Assuming the 90 days trading horizon HUMANA INC is expected to generate 103.67 times more return on investment than Neuberger Berman. However, HUMANA is 103.67 times more volatile than Neuberger Berman Intl. It trades about 0.07 of its potential returns per unit of risk. Neuberger Berman Intl is currently generating about 0.05 per unit of risk. If you would invest 8,078 in HUMANA INC on August 31, 2024 and sell it today you would lose (383.00) from holding HUMANA INC or give up 4.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 94.34% |
| Values | Daily Returns |
HUMANA INC vs. Neuberger Berman Intl
Performance |
| Timeline |
| HUMANA INC |
| Neuberger Berman Intl |
HUMANA and Neuberger Berman Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Neuberger Berman
The main advantage of trading using opposite HUMANA and Neuberger Berman positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Neuberger Berman 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 Neuberger Berman will offset losses from the drop in Neuberger Berman's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Neuberger Berman vs. Vanguard Total International | Neuberger Berman vs. Vanguard Developed Markets | Neuberger Berman vs. Vanguard Developed Markets | Neuberger Berman vs. HUMANA INC |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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