Correlation Between HUMANA and Siit Small
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By analyzing existing cross correlation between HUMANA INC and Siit Small Mid, you can compare the effects of market volatilities on HUMANA and Siit Small 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 Small. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Siit Small.
Diversification Opportunities for HUMANA and Siit Small
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Siit is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Siit Small Mid in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siit Small Mid 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 Small. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siit Small Mid has no effect on the direction of HUMANA i.e., HUMANA and Siit Small go up and down completely randomly.
Pair Corralation between HUMANA and Siit Small
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Siit Small. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.19 times less risky than Siit Small. The bond trades about -0.21 of its potential returns per unit of risk. The Siit Small Mid is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 1,099 in Siit Small Mid on August 31, 2024 and sell it today you would earn a total of 76.00 from holding Siit Small Mid or generate 6.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Siit Small Mid
Performance |
| Timeline |
| HUMANA INC |
| Siit Small Mid |
HUMANA and Siit Small Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Siit Small
The main advantage of trading using opposite HUMANA and Siit Small positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Siit Small 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 Small will offset losses from the drop in Siit Small's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Siit Small vs. Vanguard Small Cap Index | Siit Small vs. Vanguard Small Cap Index | Siit Small vs. T Rowe Price | Siit Small 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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