Correlation Between HUMANA and Deutsche Global
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By analyzing existing cross correlation between HUMANA INC and Deutsche Global Real, you can compare the effects of market volatilities on HUMANA and Deutsche Global 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 Deutsche Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Deutsche Global.
Diversification Opportunities for HUMANA and Deutsche Global
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and Deutsche is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Deutsche Global Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Deutsche Global Real 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 Deutsche Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Deutsche Global Real has no effect on the direction of HUMANA i.e., HUMANA and Deutsche Global go up and down completely randomly.
Pair Corralation between HUMANA and Deutsche Global
Assuming the 90 days trading horizon HUMANA INC is expected to generate 88.37 times more return on investment than Deutsche Global. However, HUMANA is 88.37 times more volatile than Deutsche Global Real. It trades about 0.07 of its potential returns per unit of risk. Deutsche Global Real is currently generating about 0.04 per unit of risk. If you would invest 7,980 in HUMANA INC on September 1, 2024 and sell it today you would lose (285.00) from holding HUMANA INC or give up 3.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 94.3% |
| Values | Daily Returns |
HUMANA INC vs. Deutsche Global Real
Performance |
| Timeline |
| HUMANA INC |
| Deutsche Global Real |
HUMANA and Deutsche Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Deutsche Global
The main advantage of trading using opposite HUMANA and Deutsche Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Deutsche Global 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 Deutsche Global will offset losses from the drop in Deutsche Global's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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