Correlation Between Allianzgi Nfj and HUMANA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Allianzgi Nfj Mid Cap and HUMANA INC, you can compare the effects of market volatilities on Allianzgi Nfj 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 Allianzgi Nfj with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allianzgi Nfj and HUMANA.
Diversification Opportunities for Allianzgi Nfj and HUMANA
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Allianzgi and HUMANA is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Nfj Mid Cap and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Allianzgi Nfj 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 Allianzgi Nfj Mid Cap 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 Allianzgi Nfj i.e., Allianzgi Nfj and HUMANA go up and down completely randomly.
Pair Corralation between Allianzgi Nfj and HUMANA
Assuming the 90 days horizon Allianzgi Nfj Mid Cap is expected to generate 1.54 times more return on investment than HUMANA. However, Allianzgi Nfj is 1.54 times more volatile than HUMANA INC. It trades about 0.02 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.02 per unit of risk. If you would invest 1,648 in Allianzgi Nfj Mid Cap on March 13, 2024 and sell it today you would earn a total of 15.00 from holding Allianzgi Nfj Mid Cap or generate 0.91% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 83.61% |
Values | Daily Returns |
Allianzgi Nfj Mid Cap vs. HUMANA INC
Performance |
Timeline |
Allianzgi Nfj Mid |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Weak
HUMANA INC |
Allianzgi Nfj and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Allianzgi Nfj and HUMANA
The main advantage of trading using opposite Allianzgi Nfj and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allianzgi Nfj 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.Allianzgi Nfj vs. Fidelity Low Priced Stock | Allianzgi Nfj vs. Vanguard Mid Cap Value | Allianzgi Nfj vs. Jpmorgan Mid Cap |
HUMANA vs. AEP TEX INC | HUMANA vs. US BANK NATIONAL | HUMANA vs. Boston Scientific Corp | HUMANA vs. Office Properties Income |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |