Correlation Between HUMANA and Invesco
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By analyzing existing cross correlation between HUMANA INC and Invesco, you can compare the effects of market volatilities on HUMANA and Invesco 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 Invesco. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Invesco.
Diversification Opportunities for HUMANA and Invesco
Very good diversification
The 3 months correlation between HUMANA and Invesco is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Invesco in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invesco 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 Invesco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Invesco has no effect on the direction of HUMANA i.e., HUMANA and Invesco go up and down completely randomly.
Pair Corralation between HUMANA and Invesco
If you would invest 28,101 in Invesco on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Invesco or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
HUMANA INC vs. Invesco
Performance |
| Timeline |
| HUMANA INC |
| Invesco |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HUMANA and Invesco Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Invesco
The main advantage of trading using opposite HUMANA and Invesco positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Invesco 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 Invesco will offset losses from the drop in Invesco'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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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