Correlation Between HUMANA and Columbia Capital
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Columbia Capital Allocation, you can compare the effects of market volatilities on HUMANA and Columbia Capital 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 Columbia Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Columbia Capital.
Diversification Opportunities for HUMANA and Columbia Capital
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and Columbia is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Columbia Capital Allocation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Columbia Capital All 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 Columbia Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Columbia Capital All has no effect on the direction of HUMANA i.e., HUMANA and Columbia Capital go up and down completely randomly.
Pair Corralation between HUMANA and Columbia Capital
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Columbia Capital. In addition to that, HUMANA is 2.03 times more volatile than Columbia Capital Allocation. It trades about -0.03 of its total potential returns per unit of risk. Columbia Capital Allocation is currently generating about 0.1 per unit of volatility. If you would invest 880.00 in Columbia Capital Allocation on September 1, 2024 and sell it today you would earn a total of 52.00 from holding Columbia Capital Allocation or generate 5.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 97.87% |
| Values | Daily Returns |
HUMANA INC vs. Columbia Capital Allocation
Performance |
| Timeline |
| HUMANA INC |
| Columbia Capital All |
HUMANA and Columbia Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Columbia Capital
The main advantage of trading using opposite HUMANA and Columbia Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Columbia Capital 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 Columbia Capital will offset losses from the drop in Columbia Capital's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |