Correlation Between HUMANA and Oppenheimer Developing
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By analyzing existing cross correlation between HUMANA INC and Oppenheimer Developing Markets, you can compare the effects of market volatilities on HUMANA and Oppenheimer Developing 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 Oppenheimer Developing. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Oppenheimer Developing.
Diversification Opportunities for HUMANA and Oppenheimer Developing
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Oppenheimer is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Oppenheimer Developing Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Developing 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 Oppenheimer Developing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Developing has no effect on the direction of HUMANA i.e., HUMANA and Oppenheimer Developing go up and down completely randomly.
Pair Corralation between HUMANA and Oppenheimer Developing
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Oppenheimer Developing. In addition to that, HUMANA is 1.91 times more volatile than Oppenheimer Developing Markets. It trades about -0.16 of its total potential returns per unit of risk. Oppenheimer Developing Markets is currently generating about -0.23 per unit of volatility. If you would invest 4,003 in Oppenheimer Developing Markets on September 1, 2024 and sell it today you would lose (151.00) from holding Oppenheimer Developing Markets or give up 3.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Oppenheimer Developing Markets
Performance |
| Timeline |
| HUMANA INC |
| Oppenheimer Developing |
HUMANA and Oppenheimer Developing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Oppenheimer Developing
The main advantage of trading using opposite HUMANA and Oppenheimer Developing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Oppenheimer Developing 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 Oppenheimer Developing will offset losses from the drop in Oppenheimer Developing's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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