Correlation Between HUMANA and Hartford Schroders
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By analyzing existing cross correlation between HUMANA INC and Hartford Schroders Emerging, you can compare the effects of market volatilities on HUMANA and Hartford Schroders 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 Hartford Schroders. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Hartford Schroders.
Diversification Opportunities for HUMANA and Hartford Schroders
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and HARTFORD is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Hartford Schroders Emerging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hartford Schroders 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 Hartford Schroders. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hartford Schroders has no effect on the direction of HUMANA i.e., HUMANA and Hartford Schroders go up and down completely randomly.
Pair Corralation between HUMANA and Hartford Schroders
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.86 times more return on investment than Hartford Schroders. However, HUMANA INC is 1.16 times less risky than Hartford Schroders. It trades about -0.05 of its potential returns per unit of risk. Hartford Schroders Emerging is currently generating about -0.2 per unit of risk. If you would invest 8,090 in HUMANA INC on September 3, 2024 and sell it today you would lose (55.00) from holding HUMANA INC or give up 0.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
HUMANA INC vs. Hartford Schroders Emerging
Performance |
| Timeline |
| HUMANA INC |
| Hartford Schroders |
HUMANA and Hartford Schroders Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Hartford Schroders
The main advantage of trading using opposite HUMANA and Hartford Schroders positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Hartford Schroders 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 Hartford Schroders will offset losses from the drop in Hartford Schroders' long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Hartford Schroders vs. Franklin Mutual Global | Hartford Schroders vs. Templeton Growth Fund | Hartford Schroders vs. Franklin Real Estate | Hartford Schroders 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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