Correlation Between HUMANA and Schwab Markettrack
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Schwab Markettrack Servative, you can compare the effects of market volatilities on HUMANA and Schwab Markettrack 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 Schwab Markettrack. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Schwab Markettrack.
Diversification Opportunities for HUMANA and Schwab Markettrack
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Schwab is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Schwab Markettrack Servative in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Schwab Markettrack 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 Schwab Markettrack. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Schwab Markettrack has no effect on the direction of HUMANA i.e., HUMANA and Schwab Markettrack go up and down completely randomly.
Pair Corralation between HUMANA and Schwab Markettrack
Assuming the 90 days trading horizon HUMANA INC is expected to generate 199.97 times more return on investment than Schwab Markettrack. However, HUMANA is 199.97 times more volatile than Schwab Markettrack Servative. It trades about 0.07 of its potential returns per unit of risk. Schwab Markettrack Servative is currently generating about 0.08 per unit of risk. If you would invest 7,980 in HUMANA INC on September 1, 2024 and sell it today you would lose (285.00) from holding HUMANA INC or give up 3.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.3% |
| Values | Daily Returns |
HUMANA INC vs. Schwab Markettrack Servative
Performance |
| Timeline |
| HUMANA INC |
| Schwab Markettrack |
HUMANA and Schwab Markettrack Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Schwab Markettrack
The main advantage of trading using opposite HUMANA and Schwab Markettrack positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Schwab Markettrack 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 Schwab Markettrack will offset losses from the drop in Schwab Markettrack's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Schwab Markettrack vs. Blackrock High Yield | Schwab Markettrack vs. Pioneer High Yield | Schwab Markettrack vs. Legg Mason Partners | Schwab Markettrack vs. Gmo High Yield |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |