Correlation Between Dfa International and HUMANA
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By analyzing existing cross correlation between Dfa International Small and HUMANA INC, you can compare the effects of market volatilities on Dfa International 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 Dfa International with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dfa International and HUMANA.
Diversification Opportunities for Dfa International and HUMANA
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Dfa and HUMANA is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Dfa International Small and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Dfa International 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 Dfa International Small 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 Dfa International i.e., Dfa International and HUMANA go up and down completely randomly.
Pair Corralation between Dfa International and HUMANA
Assuming the 90 days horizon Dfa International Small is expected to under-perform the HUMANA. But the mutual fund apears to be less risky and, when comparing its historical volatility, Dfa International Small is 2.57 times less risky than HUMANA. The mutual fund trades about 0.0 of its potential returns per unit of risk. The HUMANA INC is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 7,972 in HUMANA INC on January 24, 2024 and sell it today you would earn a total of 440.00 from holding HUMANA INC or generate 5.52% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 90.48% |
Values | Daily Returns |
Dfa International Small vs. HUMANA INC
Performance |
Timeline |
Dfa International Small |
HUMANA INC |
Dfa International and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Dfa International and HUMANA
The main advantage of trading using opposite Dfa International and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dfa International 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.Dfa International vs. Intal High Relative | Dfa International vs. Dfa International | Dfa International vs. Dfa Inflation Protected | Dfa International vs. Dfa International |
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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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