Correlation Between HUMANA and Columbia Seligman
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By analyzing existing cross correlation between HUMANA INC and Columbia Seligman Semiconductor, you can compare the effects of market volatilities on HUMANA and Columbia Seligman 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 Columbia Seligman. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Columbia Seligman.
Diversification Opportunities for HUMANA and Columbia Seligman
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Columbia is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Columbia Seligman Semiconducto in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Columbia Seligman 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 Columbia Seligman. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Columbia Seligman has no effect on the direction of HUMANA i.e., HUMANA and Columbia Seligman go up and down completely randomly.
Pair Corralation between HUMANA and Columbia Seligman
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.39 times more return on investment than Columbia Seligman. However, HUMANA INC is 2.54 times less risky than Columbia Seligman. It trades about -0.06 of its potential returns per unit of risk. Columbia Seligman Semiconductor is currently generating about -0.21 per unit of risk. If you would invest 8,101 in HUMANA INC on August 30, 2024 and sell it today you would lose (66.00) from holding HUMANA INC or give up 0.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 91.3% |
| Values | Daily Returns |
HUMANA INC vs. Columbia Seligman Semiconducto
Performance |
| Timeline |
| HUMANA INC |
| Columbia Seligman |
HUMANA and Columbia Seligman Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Columbia Seligman
The main advantage of trading using opposite HUMANA and Columbia Seligman positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Columbia Seligman 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 Columbia Seligman will offset losses from the drop in Columbia Seligman's long position.| HUMANA vs. Brandywine Realty Trust | HUMANA vs. Celsius Holdings | HUMANA vs. Uber Technologies | HUMANA vs. PepsiCo |
| Columbia Seligman vs. Taitron Components Incorporated | Columbia Seligman vs. Artec Consulting Corp | Columbia Seligman vs. Amtech Systems |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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