Correlation Between HUMANA and Nuveen ESG
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Nuveen ESG Large Cap, you can compare the effects of market volatilities on HUMANA and Nuveen ESG 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 ESG. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Nuveen ESG.
Diversification Opportunities for HUMANA and Nuveen ESG
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Nuveen is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Nuveen ESG Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen ESG Large 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 ESG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen ESG Large has no effect on the direction of HUMANA i.e., HUMANA and Nuveen ESG go up and down completely randomly.
Pair Corralation between HUMANA and Nuveen ESG
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Nuveen ESG. In addition to that, HUMANA is 1.19 times more volatile than Nuveen ESG Large Cap. It trades about -0.25 of its total potential returns per unit of risk. Nuveen ESG Large Cap is currently generating about 0.19 per unit of volatility. If you would invest 4,680 in Nuveen ESG Large Cap on August 27, 2024 and sell it today you would earn a total of 163.00 from holding Nuveen ESG Large Cap or generate 3.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Nuveen ESG Large Cap
Performance |
| Timeline |
| HUMANA INC |
| Nuveen ESG Large |
HUMANA and Nuveen ESG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Nuveen ESG
The main advantage of trading using opposite HUMANA and Nuveen ESG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Nuveen ESG 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 ESG will offset losses from the drop in Nuveen ESG's long position.| HUMANA vs. Balchem | HUMANA vs. Stepan Company | HUMANA vs. Videolocity International | HUMANA vs. Luxfer Holdings PLC |
| Nuveen ESG vs. iShares Dividend and | Nuveen ESG vs. Martin Currie Sustainable | Nuveen ESG vs. VictoryShares THB Mid | Nuveen ESG vs. Mast Global Battery |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |