Correlation Between HUMANA and Wasatch Ultra
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By analyzing existing cross correlation between HUMANA INC and Wasatch Ultra Growth, you can compare the effects of market volatilities on HUMANA and Wasatch Ultra 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 Wasatch Ultra. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Wasatch Ultra.
Diversification Opportunities for HUMANA and Wasatch Ultra
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Wasatch is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Wasatch Ultra Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wasatch Ultra Growth 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 Wasatch Ultra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wasatch Ultra Growth has no effect on the direction of HUMANA i.e., HUMANA and Wasatch Ultra go up and down completely randomly.
Pair Corralation between HUMANA and Wasatch Ultra
Assuming the 90 days trading horizon HUMANA INC is expected to generate 57.85 times more return on investment than Wasatch Ultra. However, HUMANA is 57.85 times more volatile than Wasatch Ultra Growth. It trades about 0.07 of its potential returns per unit of risk. Wasatch Ultra Growth is currently generating about 0.05 per unit of risk. If you would invest 8,074 in HUMANA INC on September 3, 2024 and sell it today you would lose (39.00) from holding HUMANA INC or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 93.74% |
| Values | Daily Returns |
HUMANA INC vs. Wasatch Ultra Growth
Performance |
| Timeline |
| HUMANA INC |
| Wasatch Ultra Growth |
HUMANA and Wasatch Ultra Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Wasatch Ultra
The main advantage of trading using opposite HUMANA and Wasatch Ultra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Wasatch Ultra 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 Wasatch Ultra will offset losses from the drop in Wasatch Ultra's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Wasatch Ultra vs. Vanguard International Growth | Wasatch Ultra vs. Vanguard Windsor Fund | Wasatch Ultra vs. SCOR PK | Wasatch Ultra vs. HUMANA INC |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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