Correlation Between HUMANA and Cohen Steers
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By analyzing existing cross correlation between HUMANA INC and Cohen Steers Reit, you can compare the effects of market volatilities on HUMANA and Cohen Steers 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 Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Cohen Steers.
Diversification Opportunities for HUMANA and Cohen Steers
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and Cohen is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Cohen Steers Reit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Reit 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 Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Reit has no effect on the direction of HUMANA i.e., HUMANA and Cohen Steers go up and down completely randomly.
Pair Corralation between HUMANA and Cohen Steers
Assuming the 90 days trading horizon HUMANA INC is expected to generate 65.83 times more return on investment than Cohen Steers. However, HUMANA is 65.83 times more volatile than Cohen Steers Reit. It trades about 0.07 of its potential returns per unit of risk. Cohen Steers Reit is currently generating about 0.04 per unit of risk. If you would invest 8,078 in HUMANA INC on August 31, 2024 and sell it today you would lose (383.00) from holding HUMANA INC or give up 4.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 94.34% |
| Values | Daily Returns |
HUMANA INC vs. Cohen Steers Reit
Performance |
| Timeline |
| HUMANA INC |
| Cohen Steers Reit |
HUMANA and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Cohen Steers
The main advantage of trading using opposite HUMANA and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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