Correlation Between HUMANA and Franklin Exponential
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By analyzing existing cross correlation between HUMANA INC and Franklin Exponential Data, you can compare the effects of market volatilities on HUMANA and Franklin Exponential 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 Franklin Exponential. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Franklin Exponential.
Diversification Opportunities for HUMANA and Franklin Exponential
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Franklin is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Franklin Exponential Data in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Franklin Exponential Data 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 Franklin Exponential. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Franklin Exponential Data has no effect on the direction of HUMANA i.e., HUMANA and Franklin Exponential go up and down completely randomly.
Pair Corralation between HUMANA and Franklin Exponential
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Franklin Exponential. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.61 times less risky than Franklin Exponential. The bond trades about -0.16 of its potential returns per unit of risk. The Franklin Exponential Data is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 2,357 in Franklin Exponential Data on August 30, 2024 and sell it today you would earn a total of 298.00 from holding Franklin Exponential Data or generate 12.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Franklin Exponential Data
Performance |
| Timeline |
| HUMANA INC |
| Franklin Exponential Data |
HUMANA and Franklin Exponential Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Franklin Exponential
The main advantage of trading using opposite HUMANA and Franklin Exponential positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Franklin Exponential 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 Franklin Exponential will offset losses from the drop in Franklin Exponential's long position.| HUMANA vs. Brandywine Realty Trust | HUMANA vs. Celsius Holdings | HUMANA vs. Uber Technologies | HUMANA vs. PepsiCo |
| Franklin Exponential vs. Franklin Disruptive Commerce | Franklin Exponential vs. Franklin Templeton ETF | Franklin Exponential vs. Esoterica NextG Economy | Franklin Exponential vs. TrueShares Technology AI |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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