Correlation Between HUMANA and Eagle Mlp
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By analyzing existing cross correlation between HUMANA INC and Eagle Mlp Strategy, you can compare the effects of market volatilities on HUMANA and Eagle Mlp 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 Eagle Mlp. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Eagle Mlp.
Diversification Opportunities for HUMANA and Eagle Mlp
Good diversification
The 3 months correlation between HUMANA and Eagle is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Eagle Mlp Strategy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eagle Mlp Strategy 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 Eagle Mlp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eagle Mlp Strategy has no effect on the direction of HUMANA i.e., HUMANA and Eagle Mlp go up and down completely randomly.
Pair Corralation between HUMANA and Eagle Mlp
Assuming the 90 days trading horizon HUMANA is expected to generate 7.81 times less return on investment than Eagle Mlp. But when comparing it to its historical volatility, HUMANA INC is 1.29 times less risky than Eagle Mlp. It trades about 0.02 of its potential returns per unit of risk. Eagle Mlp Strategy is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 806.00 in Eagle Mlp Strategy on March 7, 2024 and sell it today you would earn a total of 58.00 from holding Eagle Mlp Strategy or generate 7.2% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 96.83% |
Values | Daily Returns |
HUMANA INC vs. Eagle Mlp Strategy
Performance |
Timeline |
HUMANA INC |
Eagle Mlp Strategy |
HUMANA and Eagle Mlp Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Eagle Mlp
The main advantage of trading using opposite HUMANA and Eagle Mlp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Eagle Mlp 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 Eagle Mlp will offset losses from the drop in Eagle Mlp's long position.HUMANA vs. AEP TEX INC | HUMANA vs. US BANK NATIONAL | HUMANA vs. Pan Global Resources | HUMANA vs. Southern Company |
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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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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