Correlation Between HUMANA and Steward Small-mid
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Steward Small Mid Cap, you can compare the effects of market volatilities on HUMANA and Steward Small-mid 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 Steward Small-mid. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Steward Small-mid.
Diversification Opportunities for HUMANA and Steward Small-mid
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HUMANA and Steward is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Steward Small Mid Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Steward Small Mid 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 Steward Small-mid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Steward Small Mid has no effect on the direction of HUMANA i.e., HUMANA and Steward Small-mid go up and down completely randomly.
Pair Corralation between HUMANA and Steward Small-mid
Assuming the 90 days trading horizon HUMANA INC is expected to generate 1.04 times more return on investment than Steward Small-mid. However, HUMANA is 1.04 times more volatile than Steward Small Mid Cap. It trades about -0.09 of its potential returns per unit of risk. Steward Small Mid Cap is currently generating about -0.27 per unit of risk. If you would invest 8,052 in HUMANA INC on November 27, 2024 and sell it today you would lose (153.00) from holding HUMANA INC or give up 1.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Steward Small Mid Cap
Performance |
| Timeline |
| HUMANA INC |
| Steward Small Mid |
HUMANA and Steward Small-mid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Steward Small-mid
The main advantage of trading using opposite HUMANA and Steward Small-mid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Steward Small-mid 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 Steward Small-mid will offset losses from the drop in Steward Small-mid's long position.| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
| Steward Small-mid vs. Aqr Managed Futures | Steward Small-mid vs. Fidelity Sai Inflationfocused | Steward Small-mid vs. Tiaa Cref Inflation Linked Bond | Steward Small-mid vs. Ab Bond Inflation |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |