Correlation Between Ultra Blue and HUMANA
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By analyzing existing cross correlation between Ultra Blue Capital and HUMANA INC, you can compare the effects of market volatilities on Ultra Blue 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 Ultra Blue with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ultra Blue and HUMANA.
Diversification Opportunities for Ultra Blue and HUMANA
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ultra and HUMANA is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Ultra Blue Capital and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Ultra Blue 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 Ultra Blue Capital 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 Ultra Blue i.e., Ultra Blue and HUMANA go up and down completely randomly.
Pair Corralation between Ultra Blue and HUMANA
If you would invest 7,955 in HUMANA INC on January 19, 2024 and sell it today you would earn a total of 457.00 from holding HUMANA INC or generate 5.74% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 5.0% |
Values | Daily Returns |
Ultra Blue Capital vs. HUMANA INC
Performance |
Timeline |
Ultra Blue Capital |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HUMANA INC |
Ultra Blue and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ultra Blue and HUMANA
The main advantage of trading using opposite Ultra Blue and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ultra Blue 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.Ultra Blue vs. Zillow Group Class | Ultra Blue vs. Northern Lights | Ultra Blue vs. VanEck Vectors Moodys | Ultra Blue vs. BZDYF |
HUMANA vs. AEP TEX INC | HUMANA vs. US BANK NATIONAL | HUMANA vs. Trump Media Technology | HUMANA vs. Airship AI Holdings |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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