Correlation Between HUMANA and Oppenheimer International
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Oppenheimer International Diversified, you can compare the effects of market volatilities on HUMANA and Oppenheimer International 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 International. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Oppenheimer International.
Diversification Opportunities for HUMANA and Oppenheimer International
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Oppenheimer is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Oppenheimer International Dive in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer International 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 International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer International has no effect on the direction of HUMANA i.e., HUMANA and Oppenheimer International go up and down completely randomly.
Pair Corralation between HUMANA and Oppenheimer International
Assuming the 90 days trading horizon HUMANA INC is expected to generate 96.61 times more return on investment than Oppenheimer International. However, HUMANA is 96.61 times more volatile than Oppenheimer International Diversified. It trades about 0.07 of its potential returns per unit of risk. Oppenheimer International Diversified is currently generating about 0.03 per unit of risk. If you would invest 8,074 in HUMANA INC on September 3, 2024 and sell it today you would lose (39.00) from holding HUMANA INC or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. Oppenheimer International Dive
Performance |
| Timeline |
| HUMANA INC |
| Oppenheimer International |
HUMANA and Oppenheimer International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Oppenheimer International
The main advantage of trading using opposite HUMANA and Oppenheimer International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Oppenheimer International 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 International will offset losses from the drop in Oppenheimer International's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Oppenheimer International vs. Rbc Microcap Value | Oppenheimer International vs. Acm Dynamic Opportunity | Oppenheimer International vs. Rbb Fund | Oppenheimer International vs. Abr 7525 Volatility |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |