Correlation Between HUMANA and Ultra-short Fixed
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By analyzing existing cross correlation between HUMANA INC and Ultra Short Fixed Income, you can compare the effects of market volatilities on HUMANA and Ultra-short Fixed 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 Ultra-short Fixed. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Ultra-short Fixed.
Diversification Opportunities for HUMANA and Ultra-short Fixed
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Ultra-short is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Ultra Short Fixed Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ultra Short Fixed 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 Ultra-short Fixed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ultra Short Fixed has no effect on the direction of HUMANA i.e., HUMANA and Ultra-short Fixed go up and down completely randomly.
Pair Corralation between HUMANA and Ultra-short Fixed
Assuming the 90 days trading horizon HUMANA is expected to generate 2.19 times less return on investment than Ultra-short Fixed. In addition to that, HUMANA is 6.99 times more volatile than Ultra Short Fixed Income. It trades about 0.02 of its total potential returns per unit of risk. Ultra Short Fixed Income is currently generating about 0.25 per unit of volatility. If you would invest 971.00 in Ultra Short Fixed Income on September 1, 2024 and sell it today you would earn a total of 60.00 from holding Ultra Short Fixed Income or generate 6.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.77% |
| Values | Daily Returns |
HUMANA INC vs. Ultra Short Fixed Income
Performance |
| Timeline |
| HUMANA INC |
| Ultra Short Fixed |
HUMANA and Ultra-short Fixed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Ultra-short Fixed
The main advantage of trading using opposite HUMANA and Ultra-short Fixed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Ultra-short Fixed 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 Ultra-short Fixed will offset losses from the drop in Ultra-short Fixed's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Ultra-short Fixed vs. Nuveen Minnesota Municipal | Ultra-short Fixed vs. Federated Ohio Municipal | Ultra-short Fixed vs. T Rowe Price | Ultra-short Fixed vs. The National Tax Free |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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