Correlation Between HUMANA and Virtus Global
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By analyzing existing cross correlation between HUMANA INC and Virtus Global Infrastructure, you can compare the effects of market volatilities on HUMANA and Virtus Global 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 Virtus Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Virtus Global.
Diversification Opportunities for HUMANA and Virtus Global
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Virtus is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Virtus Global Infrastructure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Virtus Global Infras 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 Virtus Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Virtus Global Infras has no effect on the direction of HUMANA i.e., HUMANA and Virtus Global go up and down completely randomly.
Pair Corralation between HUMANA and Virtus Global
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Virtus Global. In addition to that, HUMANA is 2.0 times more volatile than Virtus Global Infrastructure. It trades about -0.21 of its total potential returns per unit of risk. Virtus Global Infrastructure is currently generating about 0.32 per unit of volatility. If you would invest 1,499 in Virtus Global Infrastructure on August 31, 2024 and sell it today you would earn a total of 60.00 from holding Virtus Global Infrastructure or generate 4.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Virtus Global Infrastructure
Performance |
| Timeline |
| HUMANA INC |
| Virtus Global Infras |
HUMANA and Virtus Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Virtus Global
The main advantage of trading using opposite HUMANA and Virtus Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Virtus Global 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 Virtus Global will offset losses from the drop in Virtus Global's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Virtus Global vs. Lazard Global Listed | Virtus Global vs. Lazard Global Listed | Virtus Global vs. Deutsche Global Infrastructure | Virtus Global vs. HUMANA INC |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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