Correlation Between Janus Overseas and HUMANA
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By analyzing existing cross correlation between Janus Overseas Fund and HUMANA INC, you can compare the effects of market volatilities on Janus Overseas 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 Janus Overseas with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Janus Overseas and HUMANA.
Diversification Opportunities for Janus Overseas and HUMANA
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Janus and HUMANA is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Janus Overseas Fund and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Janus Overseas 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 Janus Overseas Fund 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 Janus Overseas i.e., Janus Overseas and HUMANA go up and down completely randomly.
Pair Corralation between Janus Overseas and HUMANA
Assuming the 90 days horizon Janus Overseas Fund is expected to generate 0.7 times more return on investment than HUMANA. However, Janus Overseas Fund is 1.42 times less risky than HUMANA. It trades about -0.13 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.21 per unit of risk. If you would invest 4,723 in Janus Overseas Fund on August 31, 2024 and sell it today you would lose (112.00) from holding Janus Overseas Fund or give up 2.37% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 95.45% |
Values | Daily Returns |
Janus Overseas Fund vs. HUMANA INC
Performance |
Timeline |
Janus Overseas |
HUMANA INC |
Janus Overseas and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Janus Overseas and HUMANA
The main advantage of trading using opposite Janus Overseas and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Janus Overseas 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.Janus Overseas vs. Vanguard Total International | Janus Overseas vs. Vanguard Developed Markets | Janus Overseas vs. Vanguard Developed Markets | Janus Overseas vs. HUMANA INC |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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