Correlation Between Gmo Opportunistic and HUMANA
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By analyzing existing cross correlation between Gmo Opportunistic Income and HUMANA INC, you can compare the effects of market volatilities on Gmo Opportunistic 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 Gmo Opportunistic with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gmo Opportunistic and HUMANA.
Diversification Opportunities for Gmo Opportunistic and HUMANA
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Gmo and HUMANA is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Gmo Opportunistic Income and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Gmo Opportunistic 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 Gmo Opportunistic Income 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 Gmo Opportunistic i.e., Gmo Opportunistic and HUMANA go up and down completely randomly.
Pair Corralation between Gmo Opportunistic and HUMANA
Assuming the 90 days horizon Gmo Opportunistic Income is expected to under-perform the HUMANA. But the mutual fund apears to be less risky and, when comparing its historical volatility, Gmo Opportunistic Income is 11.02 times less risky than HUMANA. The mutual fund trades about -0.07 of its potential returns per unit of risk. The HUMANA INC is currently generating about 0.05 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 124.00 from holding HUMANA INC or generate 1.56% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Gmo Opportunistic Income vs. HUMANA INC
Performance |
Timeline |
Gmo Opportunistic |
HUMANA INC |
Gmo Opportunistic and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Gmo Opportunistic and HUMANA
The main advantage of trading using opposite Gmo Opportunistic and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gmo Opportunistic 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.Gmo Opportunistic vs. Gmo E Plus | Gmo Opportunistic vs. Gmo Treasury Fund | Gmo Opportunistic vs. Gmo Trust | Gmo Opportunistic vs. Gmo Emerging Markets |
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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 AI Investment Finder module to use AI to screen and filter profitable investment opportunities.
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