Correlation Between HUMANA and Van Eck
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By analyzing existing cross correlation between HUMANA INC and Van Eck, you can compare the effects of market volatilities on HUMANA and Van Eck 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 Van Eck. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Van Eck.
Diversification Opportunities for HUMANA and Van Eck
Pay attention - limited upside
The 3 months correlation between HUMANA and Van is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Van Eck in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Van Eck 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 Van Eck. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Van Eck has no effect on the direction of HUMANA i.e., HUMANA and Van Eck go up and down completely randomly.
Pair Corralation between HUMANA and Van Eck
If you would invest 7,953 in HUMANA INC on September 12, 2024 and sell it today you would lose (258.00) from holding HUMANA INC or give up 3.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
HUMANA INC vs. Van Eck
Performance |
| Timeline |
| HUMANA INC |
| Van Eck |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HUMANA and Van Eck Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Van Eck
The main advantage of trading using opposite HUMANA and Van Eck positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Van Eck 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 Van Eck will offset losses from the drop in Van Eck's long position.The idea behind HUMANA INC and Van Eck pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Van Eck vs. Global X MSCI | Van Eck vs. Global X Alternative | Van Eck vs. iShares Emerging Markets | Van Eck vs. Global X SuperDividend |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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