Correlation Between HUMANA and Voya Cbre
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By analyzing existing cross correlation between HUMANA INC and Voya Cbre Global, you can compare the effects of market volatilities on HUMANA and Voya Cbre 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 Voya Cbre. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Voya Cbre.
Diversification Opportunities for HUMANA and Voya Cbre
Poor diversification
The 3 months correlation between HUMANA and Voya is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Voya Cbre Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Cbre Global 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 Voya Cbre. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Cbre Global has no effect on the direction of HUMANA i.e., HUMANA and Voya Cbre go up and down completely randomly.
Pair Corralation between HUMANA and Voya Cbre
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Voya Cbre. In addition to that, HUMANA is 1.1 times more volatile than Voya Cbre Global. It trades about -0.05 of its total potential returns per unit of risk. Voya Cbre Global is currently generating about 0.03 per unit of volatility. If you would invest 1,328 in Voya Cbre Global on November 28, 2024 and sell it today you would earn a total of 28.00 from holding Voya Cbre Global or generate 2.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Voya Cbre Global
Performance |
| Timeline |
| HUMANA INC |
| Voya Cbre Global |
HUMANA and Voya Cbre Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Voya Cbre
The main advantage of trading using opposite HUMANA and Voya Cbre positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Voya Cbre 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 Voya Cbre will offset losses from the drop in Voya Cbre's long position.| HUMANA vs. Iridium Communications | HUMANA vs. Barrick Gold Corp | HUMANA vs. Sun Peak Metals | HUMANA vs. Pinterest |
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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