Correlation Between HUMANA and SEI Exchange
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By analyzing existing cross correlation between HUMANA INC and SEI Exchange Traded, you can compare the effects of market volatilities on HUMANA and SEI Exchange 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 SEI Exchange. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and SEI Exchange.
Diversification Opportunities for HUMANA and SEI Exchange
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and SEI is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and SEI Exchange Traded in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SEI Exchange Traded 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 SEI Exchange. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SEI Exchange Traded has no effect on the direction of HUMANA i.e., HUMANA and SEI Exchange go up and down completely randomly.
Pair Corralation between HUMANA and SEI Exchange
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the SEI Exchange. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.28 times less risky than SEI Exchange. The bond trades about -0.05 of its potential returns per unit of risk. The SEI Exchange Traded is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 3,292 in SEI Exchange Traded on September 4, 2024 and sell it today you would earn a total of 199.00 from holding SEI Exchange Traded or generate 6.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
HUMANA INC vs. SEI Exchange Traded
Performance |
| Timeline |
| HUMANA INC |
| SEI Exchange Traded |
HUMANA and SEI Exchange Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and SEI Exchange
The main advantage of trading using opposite HUMANA and SEI Exchange positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, SEI Exchange 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 SEI Exchange will offset losses from the drop in SEI Exchange's long position.| HUMANA vs. Usio Inc | HUMANA vs. MACOM Technology Solutions | HUMANA vs. Amkor Technology | HUMANA vs. Analog Devices |
| SEI Exchange vs. Global X Funds | SEI Exchange vs. Dell Technologies | SEI Exchange vs. Juniper Networks | SEI Exchange vs. HUMANA INC |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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