Correlation Between HUMANA and Pimco Global
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By analyzing existing cross correlation between HUMANA INC and Pimco Global Multi Asset, you can compare the effects of market volatilities on HUMANA and Pimco Global 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 Pimco Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Pimco Global.
Diversification Opportunities for HUMANA and Pimco Global
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Pimco is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Pimco Global Multi Asset in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pimco Global Multi 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 Pimco Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pimco Global Multi has no effect on the direction of HUMANA i.e., HUMANA and Pimco Global go up and down completely randomly.
Pair Corralation between HUMANA and Pimco Global
Assuming the 90 days trading horizon HUMANA INC is expected to generate 138.67 times more return on investment than Pimco Global. However, HUMANA is 138.67 times more volatile than Pimco Global Multi Asset. It trades about 0.07 of its potential returns per unit of risk. Pimco Global Multi Asset is currently generating about 0.08 per unit of risk. If you would invest 8,090 in HUMANA INC on March 14, 2024 and sell it today you would lose (57.00) from holding HUMANA INC or give up 0.7% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 91.52% |
Values | Daily Returns |
HUMANA INC vs. Pimco Global Multi Asset
Performance |
Timeline |
HUMANA INC |
Pimco Global Multi |
HUMANA and Pimco Global Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Pimco Global
The main advantage of trading using opposite HUMANA and Pimco Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Pimco Global 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 Pimco Global will offset losses from the drop in Pimco Global's long position.HUMANA vs. AEP TEX INC | HUMANA vs. US BANK NATIONAL | HUMANA vs. Boston Scientific Corp | HUMANA vs. Office Properties Income |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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