Correlation Between HUMANA and Pacific Funds
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By analyzing existing cross correlation between HUMANA INC and Pacific Funds Portfolio, you can compare the effects of market volatilities on HUMANA and Pacific Funds 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 Pacific Funds. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Pacific Funds.
Diversification Opportunities for HUMANA and Pacific Funds
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Pacific is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Pacific Funds Portfolio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pacific Funds Portfolio 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 Pacific Funds. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pacific Funds Portfolio has no effect on the direction of HUMANA i.e., HUMANA and Pacific Funds go up and down completely randomly.
Pair Corralation between HUMANA and Pacific Funds
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Pacific Funds. In addition to that, HUMANA is 4.21 times more volatile than Pacific Funds Portfolio. It trades about -0.16 of its total potential returns per unit of risk. Pacific Funds Portfolio is currently generating about 0.38 per unit of volatility. If you would invest 1,083 in Pacific Funds Portfolio on September 1, 2024 and sell it today you would earn a total of 31.00 from holding Pacific Funds Portfolio or generate 2.86% 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. Pacific Funds Portfolio
Performance |
| Timeline |
| HUMANA INC |
| Pacific Funds Portfolio |
HUMANA and Pacific Funds Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Pacific Funds
The main advantage of trading using opposite HUMANA and Pacific Funds positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Pacific Funds 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 Pacific Funds will offset losses from the drop in Pacific Funds' long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Pacific Funds vs. Qs Large Cap | Pacific Funds vs. Aqr Large Cap | Pacific Funds vs. T Rowe Price | Pacific Funds vs. Transamerica Large 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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