Correlation Between HUMANA and Smallcap Growth
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By analyzing existing cross correlation between HUMANA INC and Smallcap Growth Fund, you can compare the effects of market volatilities on HUMANA and Smallcap Growth 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 Smallcap Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Smallcap Growth.
Diversification Opportunities for HUMANA and Smallcap Growth
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Smallcap is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Smallcap Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Smallcap Growth 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 Smallcap Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Smallcap Growth has no effect on the direction of HUMANA i.e., HUMANA and Smallcap Growth go up and down completely randomly.
Pair Corralation between HUMANA and Smallcap Growth
If you would invest (100.00) in Smallcap Growth Fund on October 7, 2024 and sell it today you would earn a total of 100.00 from holding Smallcap Growth Fund or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
HUMANA INC vs. Smallcap Growth Fund
Performance |
| Timeline |
| HUMANA INC |
| Smallcap Growth |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HUMANA and Smallcap Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Smallcap Growth
The main advantage of trading using opposite HUMANA and Smallcap Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Smallcap Growth 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 Smallcap Growth will offset losses from the drop in Smallcap Growth's long position.| HUMANA vs. Todos Medical | HUMANA vs. Nuvalent | HUMANA vs. Tandem Diabetes Care | HUMANA vs. Aquestive Therapeutics |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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