Correlation Between HUMANA and Siit High
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By analyzing existing cross correlation between HUMANA INC and Siit High Yield, you can compare the effects of market volatilities on HUMANA and Siit High 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 Siit High. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Siit High.
Diversification Opportunities for HUMANA and Siit High
Significant diversification
The 3 months correlation between HUMANA and Siit is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Siit High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siit High Yield 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 Siit High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siit High Yield has no effect on the direction of HUMANA i.e., HUMANA and Siit High go up and down completely randomly.
Pair Corralation between HUMANA and Siit High
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Siit High. In addition to that, HUMANA is 4.8 times more volatile than Siit High Yield. It trades about -0.09 of its total potential returns per unit of risk. Siit High Yield is currently generating about 0.21 per unit of volatility. If you would invest 712.00 in Siit High Yield on November 27, 2024 and sell it today you would earn a total of 6.00 from holding Siit High Yield or generate 0.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. Siit High Yield
Performance |
| Timeline |
| HUMANA INC |
| Siit High Yield |
HUMANA and Siit High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Siit High
The main advantage of trading using opposite HUMANA and Siit High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Siit High 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 Siit High will offset losses from the drop in Siit High's long position.| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
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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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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