Correlation Between HUMANA and Tiaa-cref Real
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By analyzing existing cross correlation between HUMANA INC and Tiaa Cref Real Estate, you can compare the effects of market volatilities on HUMANA and Tiaa-cref Real 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 Tiaa-cref Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Tiaa-cref Real.
Diversification Opportunities for HUMANA and Tiaa-cref Real
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HUMANA and Tiaa-cref is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Tiaa Cref Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tiaa Cref Real 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 Tiaa-cref Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tiaa Cref Real has no effect on the direction of HUMANA i.e., HUMANA and Tiaa-cref Real go up and down completely randomly.
Pair Corralation between HUMANA and Tiaa-cref Real
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Tiaa-cref Real. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.55 times less risky than Tiaa-cref Real. The bond trades about -0.01 of its potential returns per unit of risk. The Tiaa Cref Real Estate is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,687 in Tiaa Cref Real Estate on December 2, 2024 and sell it today you would earn a total of 198.00 from holding Tiaa Cref Real Estate or generate 11.74% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 98.79% |
Values | Daily Returns |
HUMANA INC vs. Tiaa Cref Real Estate
Performance |
Timeline |
HUMANA INC |
Tiaa Cref Real |
HUMANA and Tiaa-cref Real Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Tiaa-cref Real
The main advantage of trading using opposite HUMANA and Tiaa-cref Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Tiaa-cref Real 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 Tiaa-cref Real will offset losses from the drop in Tiaa-cref Real's long position.HUMANA vs. Paysafe | HUMANA vs. JBG SMITH Properties | HUMANA vs. Evertz Technologies Limited | HUMANA vs. Invitation Homes |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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