Correlation Analysis Between Humana and CVS Health

This module allows you to analyze existing cross correlation between Humana and CVS Health Corporation. You can compare the effects of market volatilities on Humana and CVS Health 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 CVS Health. See also your portfolio center. Please also check ongoing floating volatility patterns of Humana and CVS Health.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

Humana  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Humana are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Even with considerably fragile technical indicators, Humana may actually be approaching a critical reversion point that can send shares even higher in December 2019.
CVS Health  
1616

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CVS Health Corporation are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively conflicting forward-looking signals, CVS Health reported solid returns over the last few months and may actually be approaching a breakup point.

Humana and CVS Health Volatility Contrast

 Predicted Return Density 
      Returns 

Humana Inc  vs.  CVS Health Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Humana is expected to generate 2.02 times less return on investment than CVS Health. In addition to that, Humana is 1.25 times more volatile than CVS Health Corporation. It trades about 0.09 of its total potential returns per unit of risk. CVS Health Corporation is currently generating about 0.24 per unit of volatility. If you would invest  5,884  in CVS Health Corporation on October 14, 2019 and sell it today you would earn a total of  1,351  from holding CVS Health Corporation or generate 22.96% return on investment over 30 days.

Pair Corralation between Humana and CVS Health

0.55
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Humana and CVS Health

Humana Inc diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Humana Inc and CVS Health Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CVS Health 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 are associated (or correlated) with CVS Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CVS Health has no effect on the direction of Humana i.e. Humana and CVS Health go up and down completely randomly.
See also your portfolio center. Please also try Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of macroaxis ideas.


 
Search macroaxis.com