Correlation Between HUMANA and Ultra Blue
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By analyzing existing cross correlation between HUMANA INC and Ultra Blue Capital, you can compare the effects of market volatilities on HUMANA and Ultra Blue 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 Ultra Blue. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Ultra Blue.
Diversification Opportunities for HUMANA and Ultra Blue
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Ultra is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Ultra Blue Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ultra Blue Capital 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 Ultra Blue. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ultra Blue Capital has no effect on the direction of HUMANA i.e., HUMANA and Ultra Blue go up and down completely randomly.
Pair Corralation between HUMANA and Ultra Blue
If you would invest 7,972 in HUMANA INC on January 25, 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 | 5.26% |
Values | Daily Returns |
HUMANA INC vs. Ultra Blue Capital
Performance |
Timeline |
HUMANA INC |
Ultra Blue Capital |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HUMANA and Ultra Blue Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and Ultra Blue
The main advantage of trading using opposite HUMANA and Ultra Blue positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Ultra Blue 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 Ultra Blue will offset losses from the drop in Ultra Blue's long position.The idea behind HUMANA INC and Ultra Blue Capital pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.Ultra Blue vs. iShares Small Cap | Ultra Blue vs. Pacer Cash Cows | Ultra Blue vs. GXO Logistics | Ultra Blue vs. Amplify CWP Enhanced |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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