Correlation Between HUMANA and Jpmorgan Short-intermedia
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Jpmorgan Short Intermediate Municipal, you can compare the effects of market volatilities on HUMANA and Jpmorgan Short-intermedia 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 Jpmorgan Short-intermedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Jpmorgan Short-intermedia.
Diversification Opportunities for HUMANA and Jpmorgan Short-intermedia
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HUMANA and Jpmorgan is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Jpmorgan Short Intermediate Mu in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jpmorgan Short-intermedia 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 Jpmorgan Short-intermedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jpmorgan Short-intermedia has no effect on the direction of HUMANA i.e., HUMANA and Jpmorgan Short-intermedia go up and down completely randomly.
Pair Corralation between HUMANA and Jpmorgan Short-intermedia
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Jpmorgan Short-intermedia. In addition to that, HUMANA is 7.65 times more volatile than Jpmorgan Short Intermediate Municipal. It trades about -0.22 of its total potential returns per unit of risk. Jpmorgan Short Intermediate Municipal is currently generating about 0.03 per unit of volatility. If you would invest 1,011 in Jpmorgan Short Intermediate Municipal on August 29, 2024 and sell it today you would earn a total of 1.00 from holding Jpmorgan Short Intermediate Municipal or generate 0.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Jpmorgan Short Intermediate Mu
Performance |
| Timeline |
| HUMANA INC |
| Jpmorgan Short-intermedia |
HUMANA and Jpmorgan Short-intermedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Jpmorgan Short-intermedia
The main advantage of trading using opposite HUMANA and Jpmorgan Short-intermedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Jpmorgan Short-intermedia 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 Jpmorgan Short-intermedia will offset losses from the drop in Jpmorgan Short-intermedia's long position.| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| 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 | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |