Correlation Between HUMANA and Janus Henderson
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By analyzing existing cross correlation between HUMANA INC and Janus Henderson Sustainable, you can compare the effects of market volatilities on HUMANA and Janus Henderson 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 Janus Henderson. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Janus Henderson.
Diversification Opportunities for HUMANA and Janus Henderson
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Janus is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Janus Henderson Sustainable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Janus Henderson Sust 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 Janus Henderson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Janus Henderson Sust has no effect on the direction of HUMANA i.e., HUMANA and Janus Henderson go up and down completely randomly.
Pair Corralation between HUMANA and Janus Henderson
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Janus Henderson. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.45 times less risky than Janus Henderson. The bond trades about -0.01 of its potential returns per unit of risk. The Janus Henderson Sustainable is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 2,229 in Janus Henderson Sustainable on August 26, 2024 and sell it today you would earn a total of 598.00 from holding Janus Henderson Sustainable or generate 26.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.59% |
| Values | Daily Returns |
HUMANA INC vs. Janus Henderson Sustainable
Performance |
| Timeline |
| HUMANA INC |
| Janus Henderson Sust |
HUMANA and Janus Henderson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Janus Henderson
The main advantage of trading using opposite HUMANA and Janus Henderson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Janus Henderson 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 Janus Henderson will offset losses from the drop in Janus Henderson's long position.| HUMANA vs. Deluxe | HUMANA vs. Vita Coco | HUMANA vs. Willamette Valley Vineyards | HUMANA vs. Global E Online |
| Janus Henderson vs. Invesco Dynamic Large | Janus Henderson vs. Perella Weinberg Partners | Janus Henderson vs. HUMANA INC | Janus Henderson vs. Aquagold International |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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