Correlation Between HUMANA and Tiaa-cref Small-cap
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By analyzing existing cross correlation between HUMANA INC and Tiaa Cref Small Cap Blend, you can compare the effects of market volatilities on HUMANA and Tiaa-cref Small-cap 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 Small-cap. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Tiaa-cref Small-cap.
Diversification Opportunities for HUMANA and Tiaa-cref Small-cap
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Tiaa-cref is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Tiaa Cref Small Cap Blend in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tiaa-cref Small-cap 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 Small-cap. 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 Small-cap has no effect on the direction of HUMANA i.e., HUMANA and Tiaa-cref Small-cap go up and down completely randomly.
Pair Corralation between HUMANA and Tiaa-cref Small-cap
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Tiaa-cref Small-cap. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.07 times less risky than Tiaa-cref Small-cap. The bond trades about -0.16 of its potential returns per unit of risk. The Tiaa Cref Small Cap Blend is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest 2,488 in Tiaa Cref Small Cap Blend on September 1, 2024 and sell it today you would earn a total of 274.00 from holding Tiaa Cref Small Cap Blend or generate 11.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Tiaa Cref Small Cap Blend
Performance |
| Timeline |
| HUMANA INC |
| Tiaa-cref Small-cap |
HUMANA and Tiaa-cref Small-cap Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Tiaa-cref Small-cap
The main advantage of trading using opposite HUMANA and Tiaa-cref Small-cap positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Tiaa-cref Small-cap 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 Small-cap will offset losses from the drop in Tiaa-cref Small-cap's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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