Correlation Between HUMANA and Mainstay Tax
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By analyzing existing cross correlation between HUMANA INC and Mainstay Tax Free, you can compare the effects of market volatilities on HUMANA and Mainstay Tax 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 Mainstay Tax. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Mainstay Tax.
Diversification Opportunities for HUMANA and Mainstay Tax
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Mainstay is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Mainstay Tax Free in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Tax Free 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 Mainstay Tax. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Tax Free has no effect on the direction of HUMANA i.e., HUMANA and Mainstay Tax go up and down completely randomly.
Pair Corralation between HUMANA and Mainstay Tax
Assuming the 90 days trading horizon HUMANA INC is expected to generate 7.24 times more return on investment than Mainstay Tax. However, HUMANA is 7.24 times more volatile than Mainstay Tax Free. It trades about 0.26 of its potential returns per unit of risk. Mainstay Tax Free is currently generating about 0.05 per unit of risk. If you would invest 7,815 in HUMANA INC on February 23, 2024 and sell it today you would earn a total of 597.00 from holding HUMANA INC or generate 7.64% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 86.96% |
Values | Daily Returns |
HUMANA INC vs. Mainstay Tax Free
Performance |
Timeline |
HUMANA INC |
Mainstay Tax Free |
HUMANA and Mainstay Tax Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Mainstay Tax
The main advantage of trading using opposite HUMANA and Mainstay Tax positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Mainstay Tax 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 Mainstay Tax will offset losses from the drop in Mainstay Tax's long position.HUMANA vs. AEP TEX INC | HUMANA vs. US BANK NATIONAL | HUMANA vs. NiSource | HUMANA vs. Verizon Communications |
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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