Correlation Between HUMANA and Domini International
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By analyzing existing cross correlation between HUMANA INC and Domini International Opportunities, you can compare the effects of market volatilities on HUMANA and Domini International 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 Domini International. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Domini International.
Diversification Opportunities for HUMANA and Domini International
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Domini is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Domini International Opportuni in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Domini International 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 Domini International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Domini International has no effect on the direction of HUMANA i.e., HUMANA and Domini International go up and down completely randomly.
Pair Corralation between HUMANA and Domini International
Assuming the 90 days trading horizon HUMANA INC is expected to generate 99.0 times more return on investment than Domini International. However, HUMANA is 99.0 times more volatile than Domini International Opportunities. It trades about 0.07 of its potential returns per unit of risk. Domini International Opportunities is currently generating about 0.05 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 | Weak |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. Domini International Opportuni
Performance |
| Timeline |
| HUMANA INC |
| Domini International |
HUMANA and Domini International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Domini International
The main advantage of trading using opposite HUMANA and Domini International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Domini International 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 Domini International will offset losses from the drop in Domini International's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Domini International vs. Fidelity International Growth | Domini International vs. Fidelity Small Cap | Domini International vs. Fidelity Advisor Mid | Domini International 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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