Correlation Between HUMANA and Sit Emerging
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By analyzing existing cross correlation between HUMANA INC and Sit Emerging Markets, you can compare the effects of market volatilities on HUMANA and Sit 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 Sit Emerging. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Sit Emerging.
Diversification Opportunities for HUMANA and Sit Emerging
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Sit is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Sit Emerging Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sit 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 Sit Emerging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sit Emerging Markets has no effect on the direction of HUMANA i.e., HUMANA and Sit Emerging go up and down completely randomly.
Pair Corralation between HUMANA and Sit Emerging
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Sit Emerging. In addition to that, HUMANA is 1.98 times more volatile than Sit Emerging Markets. It trades about -0.16 of its total potential returns per unit of risk. Sit Emerging Markets is currently generating about -0.15 per unit of volatility. If you would invest 1,159 in Sit Emerging Markets on September 1, 2024 and sell it today you would lose (29.00) from holding Sit Emerging Markets or give up 2.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Sit Emerging Markets
Performance |
| Timeline |
| HUMANA INC |
| Sit Emerging Markets |
HUMANA and Sit Emerging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Sit Emerging
The main advantage of trading using opposite HUMANA and Sit Emerging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Sit 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 Sit Emerging will offset losses from the drop in Sit Emerging's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Sit Emerging vs. Saat Market Growth | Sit Emerging vs. Simt Real Return | Sit Emerging vs. Simt Small Cap | Sit Emerging vs. Siit Screened World |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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