Correlation Between HUMANA and Tiaa-cref Green
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By analyzing existing cross correlation between HUMANA INC and Tiaa Cref Green Bond, you can compare the effects of market volatilities on HUMANA and Tiaa-cref Green 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 Tiaa-cref Green. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Tiaa-cref Green.
Diversification Opportunities for HUMANA and Tiaa-cref Green
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Tiaa-cref is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Tiaa Cref Green Bond in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tiaa Cref Green 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 Tiaa-cref Green. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tiaa Cref Green has no effect on the direction of HUMANA i.e., HUMANA and Tiaa-cref Green go up and down completely randomly.
Pair Corralation between HUMANA and Tiaa-cref Green
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Tiaa-cref Green. In addition to that, HUMANA is 2.67 times more volatile than Tiaa Cref Green Bond. It trades about -0.04 of its total potential returns per unit of risk. Tiaa Cref Green Bond is currently generating about 0.12 per unit of volatility. If you would invest 884.00 in Tiaa Cref Green Bond on September 1, 2024 and sell it today you would earn a total of 34.00 from holding Tiaa Cref Green Bond or generate 3.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.64% |
| Values | Daily Returns |
HUMANA INC vs. Tiaa Cref Green Bond
Performance |
| Timeline |
| HUMANA INC |
| Tiaa Cref Green |
HUMANA and Tiaa-cref Green Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Tiaa-cref Green
The main advantage of trading using opposite HUMANA and Tiaa-cref Green positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Tiaa-cref Green 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 Tiaa-cref Green will offset losses from the drop in Tiaa-cref Green's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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