Correlation Between HUMANA and Conservative Balanced
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By analyzing existing cross correlation between HUMANA INC and Conservative Balanced Allocation, you can compare the effects of market volatilities on HUMANA and Conservative Balanced 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 Conservative Balanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Conservative Balanced.
Diversification Opportunities for HUMANA and Conservative Balanced
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Conservative is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Conservative Balanced Allocati in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Conservative Balanced 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 Conservative Balanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Conservative Balanced has no effect on the direction of HUMANA i.e., HUMANA and Conservative Balanced go up and down completely randomly.
Pair Corralation between HUMANA and Conservative Balanced
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Conservative Balanced. In addition to that, HUMANA is 1.16 times more volatile than Conservative Balanced Allocation. It trades about -0.08 of its total potential returns per unit of risk. Conservative Balanced Allocation is currently generating about 0.11 per unit of volatility. If you would invest 1,137 in Conservative Balanced Allocation on August 24, 2024 and sell it today you would earn a total of 11.00 from holding Conservative Balanced Allocation or generate 0.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 91.3% |
| Values | Daily Returns |
HUMANA INC vs. Conservative Balanced Allocati
Performance |
| Timeline |
| HUMANA INC |
| Conservative Balanced |
HUMANA and Conservative Balanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Conservative Balanced
The main advantage of trading using opposite HUMANA and Conservative Balanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Conservative Balanced 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 Conservative Balanced will offset losses from the drop in Conservative Balanced's long position.| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth Holdings |
| Conservative Balanced vs. The Hartford Balanced | Conservative Balanced vs. HUMANA INC | Conservative Balanced vs. Aquagold International | Conservative Balanced vs. Barloworld Ltd 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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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