Correlation Between HUMANA and Columbia Emerging
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By analyzing existing cross correlation between HUMANA INC and Columbia Emerging Markets, you can compare the effects of market volatilities on HUMANA and Columbia Emerging 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 Columbia Emerging. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Columbia Emerging.
Diversification Opportunities for HUMANA and Columbia Emerging
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Columbia is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Columbia Emerging Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Columbia Emerging Markets 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 Columbia Emerging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Columbia Emerging Markets has no effect on the direction of HUMANA i.e., HUMANA and Columbia Emerging go up and down completely randomly.
Pair Corralation between HUMANA and Columbia Emerging
If you would invest 8,090 in HUMANA INC on February 5, 2024 and sell it today you would earn a total of 322.00 from holding HUMANA INC or generate 3.98% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
HUMANA INC vs. Columbia Emerging Markets
Performance |
Timeline |
HUMANA INC |
Columbia Emerging Markets |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
HUMANA and Columbia Emerging Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Columbia Emerging
The main advantage of trading using opposite HUMANA and Columbia Emerging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Columbia Emerging 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 Columbia Emerging will offset losses from the drop in Columbia Emerging's long position.HUMANA vs. AEP TEX INC | HUMANA vs. US BANK NATIONAL | HUMANA vs. Bayerische Motoren Werke | HUMANA vs. Carlisle Companies Incorporated |
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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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