Correlation Between HUMANA and SPDR Portfolio
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and SPDR Portfolio SP, you can compare the effects of market volatilities on HUMANA and SPDR Portfolio 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 SPDR Portfolio. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and SPDR Portfolio.
Diversification Opportunities for HUMANA and SPDR Portfolio
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and SPDR is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and SPDR Portfolio SP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPDR Portfolio SP 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 SPDR Portfolio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPDR Portfolio SP has no effect on the direction of HUMANA i.e., HUMANA and SPDR Portfolio go up and down completely randomly.
Pair Corralation between HUMANA and SPDR Portfolio
Assuming the 90 days trading horizon HUMANA is expected to generate 13.07 times less return on investment than SPDR Portfolio. But when comparing it to its historical volatility, HUMANA INC is 1.12 times less risky than SPDR Portfolio. It trades about 0.01 of its potential returns per unit of risk. SPDR Portfolio SP is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 4,420 in SPDR Portfolio SP on September 4, 2024 and sell it today you would earn a total of 1,040 from holding SPDR Portfolio SP or generate 23.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.17% |
| Values | Daily Returns |
HUMANA INC vs. SPDR Portfolio SP
Performance |
| Timeline |
| HUMANA INC |
| SPDR Portfolio SP |
HUMANA and SPDR Portfolio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and SPDR Portfolio
The main advantage of trading using opposite HUMANA and SPDR Portfolio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, SPDR Portfolio 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 SPDR Portfolio will offset losses from the drop in SPDR Portfolio's long position.| HUMANA vs. Usio Inc | HUMANA vs. MACOM Technology Solutions | HUMANA vs. Amkor Technology | HUMANA vs. Analog Devices |
| SPDR Portfolio vs. Global X Funds | SPDR Portfolio vs. Dell Technologies | SPDR Portfolio vs. Juniper Networks | SPDR Portfolio 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |