Correlation Between HUMANA and Deutsche Emerging
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By analyzing existing cross correlation between HUMANA INC and Deutsche Emerging Markets, you can compare the effects of market volatilities on HUMANA and Deutsche Emerging 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 Emerging. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Deutsche Emerging.
Diversification Opportunities for HUMANA and Deutsche Emerging
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Deutsche is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Deutsche Emerging Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Deutsche Emerging Markets 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 Emerging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Deutsche Emerging Markets has no effect on the direction of HUMANA i.e., HUMANA and Deutsche Emerging go up and down completely randomly.
Pair Corralation between HUMANA and Deutsche Emerging
Assuming the 90 days trading horizon HUMANA INC is expected to generate 85.24 times more return on investment than Deutsche Emerging. However, HUMANA is 85.24 times more volatile than Deutsche Emerging Markets. It trades about 0.07 of its potential returns per unit of risk. Deutsche Emerging Markets is currently generating about 0.03 per unit of risk. If you would invest 8,074 in HUMANA INC on September 4, 2024 and sell it today you would lose (39.00) from holding HUMANA INC or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 93.54% |
| Values | Daily Returns |
HUMANA INC vs. Deutsche Emerging Markets
Performance |
| Timeline |
| HUMANA INC |
| Deutsche Emerging Markets |
HUMANA and Deutsche Emerging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Deutsche Emerging
The main advantage of trading using opposite HUMANA and Deutsche Emerging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Deutsche Emerging 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 Emerging will offset losses from the drop in Deutsche Emerging's long position.| HUMANA vs. Usio Inc | HUMANA vs. MACOM Technology Solutions | HUMANA vs. Amkor Technology | HUMANA vs. Analog Devices |
| Deutsche Emerging vs. Baillie Gifford Health | Deutsche Emerging vs. Deutsche Health And | Deutsche Emerging vs. Blackrock Health Sciences | Deutsche Emerging vs. Live Oak Health |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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