Correlation Between HUMANA and Exchange Traded
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By analyzing existing cross correlation between HUMANA INC and Exchange Traded Concepts, you can compare the effects of market volatilities on HUMANA and Exchange Traded 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 Exchange Traded. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Exchange Traded.
Diversification Opportunities for HUMANA and Exchange Traded
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and Exchange is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Exchange Traded Concepts in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exchange Traded Concepts 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 Exchange Traded. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exchange Traded Concepts has no effect on the direction of HUMANA i.e., HUMANA and Exchange Traded go up and down completely randomly.
Pair Corralation between HUMANA and Exchange Traded
If you would invest 7,890 in HUMANA INC on October 21, 2024 and sell it today you would earn a total of 296.00 from holding HUMANA INC or generate 3.75% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 5.0% |
Values | Daily Returns |
HUMANA INC vs. Exchange Traded Concepts
Performance |
Timeline |
HUMANA INC |
Exchange Traded Concepts |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HUMANA and Exchange Traded Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Exchange Traded
The main advantage of trading using opposite HUMANA and Exchange Traded positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Exchange Traded 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 Exchange Traded will offset losses from the drop in Exchange Traded's long position.HUMANA vs. Starwin Media Holdings | HUMANA vs. The Cheesecake Factory | HUMANA vs. Nexstar Broadcasting Group | HUMANA vs. Meli Hotels International |
Exchange Traded vs. KraneShares Bosera MSCI | Exchange Traded vs. First Trust China | Exchange Traded vs. Aquagold International | Exchange Traded vs. Morningstar Unconstrained Allocation |
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 CEOs Directory module to screen CEOs from public companies around the world.
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