Correlation Between HUMANA and Tiaa Cref
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By analyzing existing cross correlation between HUMANA INC and Tiaa Cref Real Estate, you can compare the effects of market volatilities on HUMANA and Tiaa Cref 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. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Tiaa Cref.
Diversification Opportunities for HUMANA and Tiaa Cref
Average diversification
The 3 months correlation between HUMANA and Tiaa is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Tiaa Cref Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tiaa Cref Real 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. 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 Real has no effect on the direction of HUMANA i.e., HUMANA and Tiaa Cref go up and down completely randomly.
Pair Corralation between HUMANA and Tiaa Cref
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Tiaa Cref. In addition to that, HUMANA is 1.59 times more volatile than Tiaa Cref Real Estate. It trades about -0.19 of its total potential returns per unit of risk. Tiaa Cref Real Estate is currently generating about -0.05 per unit of volatility. If you would invest 1,887 in Tiaa Cref Real Estate on September 13, 2024 and sell it today you would lose (15.00) from holding Tiaa Cref Real Estate or give up 0.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Tiaa Cref Real Estate
Performance |
| Timeline |
| HUMANA INC |
| Tiaa Cref Real |
HUMANA and Tiaa Cref Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Tiaa Cref
The main advantage of trading using opposite HUMANA and Tiaa Cref positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Tiaa Cref 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 will offset losses from the drop in Tiaa Cref's long position.| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
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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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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