Correlation Between HUMANA and All Asset
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By analyzing existing cross correlation between HUMANA INC and All Asset Fund, you can compare the effects of market volatilities on HUMANA and All Asset 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 All Asset. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and All Asset.
Diversification Opportunities for HUMANA and All Asset
Modest diversification
The 3 months correlation between HUMANA and All is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and All Asset Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on All Asset Fund 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 All Asset. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of All Asset Fund has no effect on the direction of HUMANA i.e., HUMANA and All Asset go up and down completely randomly.
Pair Corralation between HUMANA and All Asset
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the All Asset. In addition to that, HUMANA is 2.82 times more volatile than All Asset Fund. It trades about -0.21 of its total potential returns per unit of risk. All Asset Fund is currently generating about 0.27 per unit of volatility. If you would invest 1,108 in All Asset Fund on September 1, 2024 and sell it today you would earn a total of 26.00 from holding All Asset Fund or generate 2.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. All Asset Fund
Performance |
| Timeline |
| HUMANA INC |
| All Asset Fund |
HUMANA and All Asset Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and All Asset
The main advantage of trading using opposite HUMANA and All Asset positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, All Asset 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 All Asset will offset losses from the drop in All Asset's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| All Asset vs. Pimco Rae Worldwide | All Asset vs. Pimco Rae Worldwide | All Asset vs. Pimco Rae Worldwide | All Asset vs. Pimco Rae Worldwide |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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