Correlation Between HUMANA and Pimco Commoditiesplus
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By analyzing existing cross correlation between HUMANA INC and Pimco Moditiesplus Strategy, you can compare the effects of market volatilities on HUMANA and Pimco Commoditiesplus 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 Pimco Commoditiesplus. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Pimco Commoditiesplus.
Diversification Opportunities for HUMANA and Pimco Commoditiesplus
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and PIMCO is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Pimco Moditiesplus Strategy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pimco Commoditiesplus 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 Pimco Commoditiesplus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pimco Commoditiesplus has no effect on the direction of HUMANA i.e., HUMANA and Pimco Commoditiesplus go up and down completely randomly.
Pair Corralation between HUMANA and Pimco Commoditiesplus
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Pimco Commoditiesplus. In addition to that, HUMANA is 1.32 times more volatile than Pimco Moditiesplus Strategy. It trades about -0.21 of its total potential returns per unit of risk. Pimco Moditiesplus Strategy is currently generating about 0.01 per unit of volatility. If you would invest 626.00 in Pimco Moditiesplus Strategy on September 1, 2024 and sell it today you would earn a total of 1.00 from holding Pimco Moditiesplus Strategy or generate 0.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Pimco Moditiesplus Strategy
Performance |
| Timeline |
| HUMANA INC |
| Pimco Commoditiesplus |
HUMANA and Pimco Commoditiesplus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Pimco Commoditiesplus
The main advantage of trading using opposite HUMANA and Pimco Commoditiesplus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Pimco Commoditiesplus 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 Pimco Commoditiesplus will offset losses from the drop in Pimco Commoditiesplus' long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Pimco Commoditiesplus vs. Lord Abbett Small | Pimco Commoditiesplus vs. Palm Valley Capital | Pimco Commoditiesplus vs. Heartland Value Plus | Pimco Commoditiesplus vs. Fidelity Small Cap |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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