Correlation Between Voya Cbre and HUMANA
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By analyzing existing cross correlation between Voya Cbre Global and HUMANA INC, you can compare the effects of market volatilities on Voya Cbre and HUMANA 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 Voya Cbre with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Cbre and HUMANA.
Diversification Opportunities for Voya Cbre and HUMANA
Very good diversification
The 3 months correlation between Voya and HUMANA is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Voya Cbre Global and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Voya Cbre 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 Voya Cbre Global are associated (or correlated) with HUMANA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUMANA INC has no effect on the direction of Voya Cbre i.e., Voya Cbre and HUMANA go up and down completely randomly.
Pair Corralation between Voya Cbre and HUMANA
Assuming the 90 days horizon Voya Cbre Global is expected to generate 0.92 times more return on investment than HUMANA. However, Voya Cbre Global is 1.09 times less risky than HUMANA. It trades about 0.14 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.04 per unit of risk. If you would invest 1,258 in Voya Cbre Global on September 1, 2024 and sell it today you would earn a total of 144.00 from holding Voya Cbre Global or generate 11.45% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 97.64% |
Values | Daily Returns |
Voya Cbre Global vs. HUMANA INC
Performance |
Timeline |
Voya Cbre Global |
HUMANA INC |
Voya Cbre and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Voya Cbre and HUMANA
The main advantage of trading using opposite Voya Cbre and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Cbre position performs unexpectedly, HUMANA 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 HUMANA will offset losses from the drop in HUMANA's long position.Voya Cbre vs. John Hancock Enduring | Voya Cbre vs. Invesco Global Infrastructure | Voya Cbre vs. Mainstay Income Builder | Voya Cbre vs. Cohen Steers Global |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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