Correlation Between HUMANA and Deutsche Science
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Deutsche Science And, you can compare the effects of market volatilities on HUMANA and Deutsche Science 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 Deutsche Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Deutsche Science.
Diversification Opportunities for HUMANA and Deutsche Science
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Deutsche is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Deutsche Science And in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Deutsche Science And 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 Deutsche Science. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Deutsche Science And has no effect on the direction of HUMANA i.e., HUMANA and Deutsche Science go up and down completely randomly.
Pair Corralation between HUMANA and Deutsche Science
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.53 times more return on investment than Deutsche Science. However, HUMANA INC is 1.89 times less risky than Deutsche Science. It trades about 0.12 of its potential returns per unit of risk. Deutsche Science And is currently generating about -0.13 per unit of risk. If you would invest 8,197 in HUMANA INC on October 9, 2024 and sell it today you would earn a total of 247.00 from holding HUMANA INC or generate 3.01% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.0% |
Values | Daily Returns |
HUMANA INC vs. Deutsche Science And
Performance |
Timeline |
HUMANA INC |
Deutsche Science And |
HUMANA and Deutsche Science Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Deutsche Science
The main advantage of trading using opposite HUMANA and Deutsche Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Deutsche Science 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 Deutsche Science will offset losses from the drop in Deutsche Science's long position.HUMANA vs. The Cheesecake Factory | HUMANA vs. Oasis Hotel Resort | HUMANA vs. Cardinal Health | HUMANA vs. Definitive Healthcare Corp |
Deutsche Science vs. Commonwealth Global Fund | Deutsche Science vs. Rbb Fund Trust | Deutsche Science vs. Alliancebernstein Global Highome | Deutsche Science vs. Qs Global Equity |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |