Correlation Between HUMANA and Deutsche Short-term
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By analyzing existing cross correlation between HUMANA INC and Deutsche Short Term Municipal, you can compare the effects of market volatilities on HUMANA and Deutsche Short-term 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 Deutsche Short-term. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Deutsche Short-term.
Diversification Opportunities for HUMANA and Deutsche Short-term
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Deutsche is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Deutsche Short Term Municipal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Deutsche Short Term 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 Deutsche Short-term. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Deutsche Short Term has no effect on the direction of HUMANA i.e., HUMANA and Deutsche Short-term go up and down completely randomly.
Pair Corralation between HUMANA and Deutsche Short-term
Assuming the 90 days trading horizon HUMANA is expected to generate 5.21 times less return on investment than Deutsche Short-term. In addition to that, HUMANA is 6.43 times more volatile than Deutsche Short Term Municipal. It trades about 0.01 of its total potential returns per unit of risk. Deutsche Short Term Municipal is currently generating about 0.22 per unit of volatility. If you would invest 962.00 in Deutsche Short Term Municipal on September 3, 2024 and sell it today you would earn a total of 24.00 from holding Deutsche Short Term Municipal or generate 2.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.6% |
| Values | Daily Returns |
HUMANA INC vs. Deutsche Short Term Municipal
Performance |
| Timeline |
| HUMANA INC |
| Deutsche Short Term |
HUMANA and Deutsche Short-term Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Deutsche Short-term
The main advantage of trading using opposite HUMANA and Deutsche Short-term positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Deutsche Short-term 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 Deutsche Short-term will offset losses from the drop in Deutsche Short-term's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Deutsche Short-term vs. Tax Exempt Bond | Deutsche Short-term vs. American High Income Municipal | Deutsche Short-term vs. Us Government Securities | Deutsche Short-term 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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