Correlation Between Teton Westwood and HUMANA
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By analyzing existing cross correlation between Teton Westwood Mighty and HUMANA INC, you can compare the effects of market volatilities on Teton Westwood 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 Teton Westwood with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Teton Westwood and HUMANA.
Diversification Opportunities for Teton Westwood and HUMANA
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Teton and HUMANA is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Teton Westwood Mighty and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Teton Westwood 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 Teton Westwood Mighty 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 Teton Westwood i.e., Teton Westwood and HUMANA go up and down completely randomly.
Pair Corralation between Teton Westwood and HUMANA
Assuming the 90 days horizon Teton Westwood Mighty is expected to generate 1.42 times more return on investment than HUMANA. However, Teton Westwood is 1.42 times more volatile than HUMANA INC. It trades about 0.18 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.22 per unit of risk. If you would invest 1,577 in Teton Westwood Mighty on August 30, 2024 and sell it today you would earn a total of 97.00 from holding Teton Westwood Mighty or generate 6.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Teton Westwood Mighty vs. HUMANA INC
Performance |
| Timeline |
| Teton Westwood Mighty |
| HUMANA INC |
Teton Westwood and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Teton Westwood and HUMANA
The main advantage of trading using opposite Teton Westwood and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Teton Westwood 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.| Teton Westwood vs. Vanguard Small Cap Index | Teton Westwood vs. T Rowe Price | Teton Westwood vs. HUMANA INC | Teton Westwood vs. Aquagold International |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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