Correlation Between HUMANA and Ubs Pace
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By analyzing existing cross correlation between HUMANA INC and Ubs Pace Global, you can compare the effects of market volatilities on HUMANA and Ubs Pace 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 Ubs Pace. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Ubs Pace.
Diversification Opportunities for HUMANA and Ubs Pace
Very weak diversification
The 3 months correlation between HUMANA and Ubs is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Ubs Pace Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ubs Pace Global 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 Ubs Pace. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ubs Pace Global has no effect on the direction of HUMANA i.e., HUMANA and Ubs Pace go up and down completely randomly.
Pair Corralation between HUMANA and Ubs Pace
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Ubs Pace. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.14 times less risky than Ubs Pace. The bond trades about -0.04 of its potential returns per unit of risk. The Ubs Pace Global is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 622.00 in Ubs Pace Global on September 1, 2024 and sell it today you would earn a total of 62.00 from holding Ubs Pace Global or generate 9.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.64% |
| Values | Daily Returns |
HUMANA INC vs. Ubs Pace Global
Performance |
| Timeline |
| HUMANA INC |
| Ubs Pace Global |
HUMANA and Ubs Pace Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Ubs Pace
The main advantage of trading using opposite HUMANA and Ubs Pace positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Ubs Pace 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 Ubs Pace will offset losses from the drop in Ubs Pace's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Ubs Pace vs. Blackrock Government Bond | Ubs Pace vs. Aig Government Money | Ubs Pace vs. Us Government Securities | Ubs Pace vs. Government Securities Fund |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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