Correlation Between HUMANA and Europacific Growth
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By analyzing existing cross correlation between HUMANA INC and Europacific Growth Fund, you can compare the effects of market volatilities on HUMANA and Europacific 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 Europacific Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Europacific Growth.
Diversification Opportunities for HUMANA and Europacific Growth
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between HUMANA and Europacific is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Europacific Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Europacific 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 Europacific Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Europacific Growth has no effect on the direction of HUMANA i.e., HUMANA and Europacific Growth go up and down completely randomly.
Pair Corralation between HUMANA and Europacific Growth
Assuming the 90 days trading horizon HUMANA INC is expected to generate 96.99 times more return on investment than Europacific Growth. However, HUMANA is 96.99 times more volatile than Europacific Growth Fund. It trades about 0.07 of its potential returns per unit of risk. Europacific Growth Fund is currently generating about 0.04 per unit of risk. If you would invest 8,074 in HUMANA INC on September 3, 2024 and sell it today you would lose (39.00) from holding HUMANA INC or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. Europacific Growth Fund
Performance |
| Timeline |
| HUMANA INC |
| Europacific Growth |
HUMANA and Europacific Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Europacific Growth
The main advantage of trading using opposite HUMANA and Europacific Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Europacific 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 Europacific Growth will offset losses from the drop in Europacific Growth's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Europacific Growth vs. Fidelity International Growth | Europacific Growth vs. Fidelity Small Cap | Europacific Growth vs. Fidelity Advisor Mid | Europacific Growth 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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