Correlation Between Touchstone Ultra and HUMANA
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By analyzing existing cross correlation between Touchstone Ultra Short and HUMANA INC, you can compare the effects of market volatilities on Touchstone Ultra 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 Touchstone Ultra with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Touchstone Ultra and HUMANA.
Diversification Opportunities for Touchstone Ultra and HUMANA
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Touchstone and HUMANA is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Touchstone Ultra Short and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Touchstone Ultra 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 Touchstone Ultra Short 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 Touchstone Ultra i.e., Touchstone Ultra and HUMANA go up and down completely randomly.
Pair Corralation between Touchstone Ultra and HUMANA
Assuming the 90 days horizon Touchstone Ultra is expected to generate 256.11 times less return on investment than HUMANA. But when comparing it to its historical volatility, Touchstone Ultra Short is 863.9 times less risky than HUMANA. It trades about 0.24 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 7,962 in HUMANA INC on August 24, 2024 and sell it today you would earn a total of 73.00 from holding HUMANA INC or generate 0.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 93.75% |
| Values | Daily Returns |
Touchstone Ultra Short vs. HUMANA INC
Performance |
| Timeline |
| Touchstone Ultra Short |
| HUMANA INC |
Touchstone Ultra and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Touchstone Ultra and HUMANA
The main advantage of trading using opposite Touchstone Ultra and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Touchstone Ultra 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.| Touchstone Ultra vs. HUMANA INC | Touchstone Ultra vs. Aquagold International | Touchstone Ultra vs. Barloworld Ltd ADR | Touchstone Ultra vs. Morningstar Unconstrained Allocation |
| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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