Correlation Between HUMANA and Oppenheimer Main
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By analyzing existing cross correlation between HUMANA INC and Oppenheimer Main Street, you can compare the effects of market volatilities on HUMANA and Oppenheimer Main 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 Main. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Oppenheimer Main.
Diversification Opportunities for HUMANA and Oppenheimer Main
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HUMANA and Oppenheimer is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Oppenheimer Main Street in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Main Street 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 Main. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Main Street has no effect on the direction of HUMANA i.e., HUMANA and Oppenheimer Main go up and down completely randomly.
Pair Corralation between HUMANA and Oppenheimer Main
Assuming the 90 days trading horizon HUMANA INC is expected to generate 1.02 times more return on investment than Oppenheimer Main. However, HUMANA is 1.02 times more volatile than Oppenheimer Main Street. It trades about -0.09 of its potential returns per unit of risk. Oppenheimer Main Street is currently generating about -0.19 per unit of risk. If you would invest 8,052 in HUMANA INC on November 27, 2024 and sell it today you would lose (153.00) from holding HUMANA INC or give up 1.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Oppenheimer Main Street
Performance |
| Timeline |
| HUMANA INC |
| Oppenheimer Main Street |
HUMANA and Oppenheimer Main Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Oppenheimer Main
The main advantage of trading using opposite HUMANA and Oppenheimer Main positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Oppenheimer Main 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 Main will offset losses from the drop in Oppenheimer Main's long position.| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
| Oppenheimer Main vs. Transamerica Funds | Oppenheimer Main vs. Tiaa Cref Funds | Oppenheimer Main vs. Doubleline Emerging Markets | Oppenheimer Main vs. Jpmorgan Trust I |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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