Correlation Between Vanguard Global and HUMANA
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By analyzing existing cross correlation between Vanguard Global Ex Us and HUMANA INC, you can compare the effects of market volatilities on Vanguard Global 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 Vanguard Global with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vanguard Global and HUMANA.
Diversification Opportunities for Vanguard Global and HUMANA
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Vanguard and HUMANA is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Vanguard Global Ex Us and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Vanguard Global 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 Vanguard Global Ex Us 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 Vanguard Global i.e., Vanguard Global and HUMANA go up and down completely randomly.
Pair Corralation between Vanguard Global and HUMANA
Assuming the 90 days horizon Vanguard Global is expected to generate 316.99 times less return on investment than HUMANA. But when comparing it to its historical volatility, Vanguard Global Ex Us is 90.49 times less risky than HUMANA. It trades about 0.02 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 8,099 in HUMANA INC on August 28, 2024 and sell it today you would lose (404.00) from holding HUMANA INC or give up 4.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 93.94% |
| Values | Daily Returns |
Vanguard Global Ex Us vs. HUMANA INC
Performance |
| Timeline |
| Vanguard Global Ex |
| HUMANA INC |
Vanguard Global and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Vanguard Global and HUMANA
The main advantage of trading using opposite Vanguard Global and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vanguard Global 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.| Vanguard Global vs. Vanguard Materials Index | Vanguard Global vs. Vanguard Limited Term Tax Exempt | Vanguard Global vs. Vanguard Limited Term Tax Exempt | Vanguard Global vs. Vanguard Global Minimum |
| HUMANA vs. Ultra Clean Holdings | HUMANA vs. Dream Homes Development | HUMANA vs. JBG SMITH Properties | HUMANA vs. Allegheny Technologies Incorporated |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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