Correlation Between HUMANA and Westcore Flexible
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By analyzing existing cross correlation between HUMANA INC and Westcore Flexible Income, you can compare the effects of market volatilities on HUMANA and Westcore Flexible 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 Westcore Flexible. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Westcore Flexible.
Diversification Opportunities for HUMANA and Westcore Flexible
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Westcore is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Westcore Flexible Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Westcore Flexible Income 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 Westcore Flexible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Westcore Flexible Income has no effect on the direction of HUMANA i.e., HUMANA and Westcore Flexible go up and down completely randomly.
Pair Corralation between HUMANA and Westcore Flexible
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Westcore Flexible. In addition to that, HUMANA is 4.55 times more volatile than Westcore Flexible Income. It trades about -0.04 of its total potential returns per unit of risk. Westcore Flexible Income is currently generating about 0.22 per unit of volatility. If you would invest 840.00 in Westcore Flexible Income on September 1, 2024 and sell it today you would earn a total of 36.00 from holding Westcore Flexible Income or generate 4.29% 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. Westcore Flexible Income
Performance |
| Timeline |
| HUMANA INC |
| Westcore Flexible Income |
HUMANA and Westcore Flexible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Westcore Flexible
The main advantage of trading using opposite HUMANA and Westcore Flexible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Westcore Flexible 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 Westcore Flexible will offset losses from the drop in Westcore Flexible's long position.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| Westcore Flexible vs. Westcore Plus Bond | Westcore Flexible vs. Buffalo High Yield | Westcore Flexible vs. Northern High Yield | Westcore Flexible vs. Federated High Yield |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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