Correlation Between HUMANA and Swiss Helvetia
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By analyzing existing cross correlation between HUMANA INC and Swiss Helvetia Closed, you can compare the effects of market volatilities on HUMANA and Swiss Helvetia 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 Swiss Helvetia. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Swiss Helvetia.
Diversification Opportunities for HUMANA and Swiss Helvetia
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Swiss is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Swiss Helvetia Closed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Swiss Helvetia Closed 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 Swiss Helvetia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Swiss Helvetia Closed has no effect on the direction of HUMANA i.e., HUMANA and Swiss Helvetia go up and down completely randomly.
Pair Corralation between HUMANA and Swiss Helvetia
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Swiss Helvetia. In addition to that, HUMANA is 1.3 times more volatile than Swiss Helvetia Closed. It trades about -0.21 of its total potential returns per unit of risk. Swiss Helvetia Closed is currently generating about -0.25 per unit of volatility. If you would invest 819.00 in Swiss Helvetia Closed on August 31, 2024 and sell it today you would lose (39.00) from holding Swiss Helvetia Closed or give up 4.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Swiss Helvetia Closed
Performance |
| Timeline |
| HUMANA INC |
| Swiss Helvetia Closed |
HUMANA and Swiss Helvetia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Swiss Helvetia
The main advantage of trading using opposite HUMANA and Swiss Helvetia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Swiss Helvetia 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 Swiss Helvetia will offset losses from the drop in Swiss Helvetia's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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