Correlation Between HUMANA and Fundvantage Trust
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Fundvantage Trust , you can compare the effects of market volatilities on HUMANA and Fundvantage Trust 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 Fundvantage Trust. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Fundvantage Trust.
Diversification Opportunities for HUMANA and Fundvantage Trust
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Fundvantage is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Fundvantage Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fundvantage Trust 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 Fundvantage Trust. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fundvantage Trust has no effect on the direction of HUMANA i.e., HUMANA and Fundvantage Trust go up and down completely randomly.
Pair Corralation between HUMANA and Fundvantage Trust
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Fundvantage Trust. In addition to that, HUMANA is 2.56 times more volatile than Fundvantage Trust . It trades about -0.11 of its total potential returns per unit of risk. Fundvantage Trust is currently generating about 0.17 per unit of volatility. If you would invest 1,023 in Fundvantage Trust on August 28, 2024 and sell it today you would earn a total of 6.00 from holding Fundvantage Trust or generate 0.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
HUMANA INC vs. Fundvantage Trust
Performance |
| Timeline |
| HUMANA INC |
| Fundvantage Trust |
HUMANA and Fundvantage Trust Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Fundvantage Trust
The main advantage of trading using opposite HUMANA and Fundvantage Trust positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Fundvantage Trust 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 Fundvantage Trust will offset losses from the drop in Fundvantage Trust's long position.| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
| Fundvantage Trust vs. Polen Global Growth | Fundvantage Trust vs. Polen International Growth | Fundvantage Trust vs. Ddj Opportunistic High | Fundvantage Trust vs. Ddj Opportunistic High |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |