Correlation Between HUMANA and Taylor Calvin
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By analyzing existing cross correlation between HUMANA INC and Taylor Calvin B, you can compare the effects of market volatilities on HUMANA and Taylor Calvin 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 Taylor Calvin. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Taylor Calvin.
Diversification Opportunities for HUMANA and Taylor Calvin
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Taylor is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Taylor Calvin B in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Taylor Calvin B 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 Taylor Calvin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Taylor Calvin B has no effect on the direction of HUMANA i.e., HUMANA and Taylor Calvin go up and down completely randomly.
Pair Corralation between HUMANA and Taylor Calvin
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Taylor Calvin. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 2.68 times less risky than Taylor Calvin. The bond trades about -0.04 of its potential returns per unit of risk. The Taylor Calvin B is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 4,232 in Taylor Calvin B on September 14, 2024 and sell it today you would earn a total of 493.00 from holding Taylor Calvin B or generate 11.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 75.1% |
| Values | Daily Returns |
HUMANA INC vs. Taylor Calvin B
Performance |
| Timeline |
| HUMANA INC |
| Taylor Calvin B |
HUMANA and Taylor Calvin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Taylor Calvin
The main advantage of trading using opposite HUMANA and Taylor Calvin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Taylor Calvin 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 Taylor Calvin will offset losses from the drop in Taylor Calvin's long position.| HUMANA vs. Doubledown Interactive Co | HUMANA vs. Golden Matrix Group | HUMANA vs. Skechers USA | HUMANA vs. NetEase |
| Taylor Calvin vs. National Capital Bank | Taylor Calvin vs. Bank of Idaho | Taylor Calvin vs. Community Heritage Financial | Taylor Calvin vs. First Community Financial |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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