Correlation Between HUMANA and Oppenheimer Rochester
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By analyzing existing cross correlation between HUMANA INC and Oppenheimer Rochester Pa, you can compare the effects of market volatilities on HUMANA and Oppenheimer Rochester 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 Rochester. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Oppenheimer Rochester.
Diversification Opportunities for HUMANA and Oppenheimer Rochester
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Oppenheimer is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Oppenheimer Rochester Pa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Rochester 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 Rochester. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Rochester has no effect on the direction of HUMANA i.e., HUMANA and Oppenheimer Rochester go up and down completely randomly.
Pair Corralation between HUMANA and Oppenheimer Rochester
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Oppenheimer Rochester. In addition to that, HUMANA is 2.27 times more volatile than Oppenheimer Rochester Pa. It trades about -0.05 of its total potential returns per unit of risk. Oppenheimer Rochester Pa is currently generating about 0.18 per unit of volatility. If you would invest 1,036 in Oppenheimer Rochester Pa on September 4, 2024 and sell it today you would earn a total of 12.00 from holding Oppenheimer Rochester Pa or generate 1.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 85.71% |
| Values | Daily Returns |
HUMANA INC vs. Oppenheimer Rochester Pa
Performance |
| Timeline |
| HUMANA INC |
| Oppenheimer Rochester |
HUMANA and Oppenheimer Rochester Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Oppenheimer Rochester
The main advantage of trading using opposite HUMANA and Oppenheimer Rochester positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Oppenheimer Rochester 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 Rochester will offset losses from the drop in Oppenheimer Rochester's long position.| HUMANA vs. Usio Inc | HUMANA vs. MACOM Technology Solutions | HUMANA vs. Amkor Technology | HUMANA vs. Analog Devices |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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