Correlation Between HUMANA and Ishares Russell

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Can any of the company-specific risk be diversified away by investing in both HUMANA and Ishares Russell at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining HUMANA and Ishares Russell into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HUMANA INC and Ishares Russell 2000, you can compare the effects of market volatilities on HUMANA and Ishares Russell 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 Ishares Russell. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Ishares Russell.

Diversification Opportunities for HUMANA and Ishares Russell

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  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between HUMANA and Ishares is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Ishares Russell 2000 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ishares Russell 2000 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 Ishares Russell. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ishares Russell 2000 has no effect on the direction of HUMANA i.e., HUMANA and Ishares Russell go up and down completely randomly.

Pair Corralation between HUMANA and Ishares Russell

If you would invest  7,900  in HUMANA INC on March 6, 2024 and sell it today you would earn a total of  196.00  from holding HUMANA INC or generate 2.48% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

HUMANA INC  vs.  Ishares Russell 2000

 Performance 
       Timeline  
HUMANA INC 

Risk-Adjusted Performance

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Compared to the overall equity markets, risk-adjusted returns on investments in HUMANA INC are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. Despite somewhat strong basic indicators, HUMANA is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
Ishares Russell 2000 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days Ishares Russell 2000 has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong basic indicators, Ishares Russell is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

HUMANA and Ishares Russell Volatility Contrast

   Predicted Return Density   
       Returns  
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