Correlation Between TrueShares Technology and HUMANA
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By analyzing existing cross correlation between TrueShares Technology AI and HUMANA INC, you can compare the effects of market volatilities on TrueShares Technology 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 TrueShares Technology with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of TrueShares Technology and HUMANA.
Diversification Opportunities for TrueShares Technology and HUMANA
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between TrueShares and HUMANA is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding TrueShares Technology AI and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and TrueShares Technology 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 TrueShares Technology AI 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 TrueShares Technology i.e., TrueShares Technology and HUMANA go up and down completely randomly.
Pair Corralation between TrueShares Technology and HUMANA
Given the investment horizon of 90 days TrueShares Technology AI is expected to generate 2.38 times more return on investment than HUMANA. However, TrueShares Technology is 2.38 times more volatile than HUMANA INC. It trades about 0.07 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.07 per unit of risk. If you would invest 3,472 in TrueShares Technology AI on December 5, 2024 and sell it today you would earn a total of 467.00 from holding TrueShares Technology AI or generate 13.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.19% |
| Values | Daily Returns |
TrueShares Technology AI vs. HUMANA INC
Performance |
| Timeline |
| TrueShares Technology |
| HUMANA INC |
TrueShares Technology and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TrueShares Technology and HUMANA
The main advantage of trading using opposite TrueShares Technology and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TrueShares Technology 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.| TrueShares Technology vs. Franklin Disruptive Commerce | ||
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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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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