Correlation Between HUMANA and Mainstay Cbre
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By analyzing existing cross correlation between HUMANA INC and Mainstay Cbre Global, you can compare the effects of market volatilities on HUMANA and Mainstay 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 Mainstay Cbre. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Mainstay Cbre.
Diversification Opportunities for HUMANA and Mainstay Cbre
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Mainstay is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Mainstay Cbre Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay 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 Mainstay Cbre. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Cbre Global has no effect on the direction of HUMANA i.e., HUMANA and Mainstay Cbre go up and down completely randomly.
Pair Corralation between HUMANA and Mainstay Cbre
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Mainstay Cbre. In addition to that, HUMANA is 1.1 times more volatile than Mainstay Cbre Global. It trades about -0.04 of its total potential returns per unit of risk. Mainstay Cbre Global is currently generating about 0.14 per unit of volatility. If you would invest 1,258 in Mainstay Cbre Global on September 1, 2024 and sell it today you would earn a total of 146.00 from holding Mainstay Cbre Global or generate 11.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.64% |
| Values | Daily Returns |
HUMANA INC vs. Mainstay Cbre Global
Performance |
| Timeline |
| HUMANA INC |
| Mainstay Cbre Global |
HUMANA and Mainstay Cbre Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Mainstay Cbre
The main advantage of trading using opposite HUMANA and Mainstay Cbre positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Mainstay 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 Mainstay Cbre will offset losses from the drop in Mainstay Cbre's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Mainstay Cbre vs. Mainstay Tax Free | Mainstay Cbre vs. Mainstay Large Cap | Mainstay Cbre vs. Mainstay Large Cap | Mainstay Cbre vs. Mainstay Large Cap |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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