Correlation Between Touchstone Sands and HUMANA
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By analyzing existing cross correlation between Touchstone Sands Capital and HUMANA INC, you can compare the effects of market volatilities on Touchstone Sands 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 Sands with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Touchstone Sands and HUMANA.
Diversification Opportunities for Touchstone Sands and HUMANA
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Touchstone and HUMANA is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Touchstone Sands Capital and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Touchstone Sands 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 Sands Capital 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 Sands i.e., Touchstone Sands and HUMANA go up and down completely randomly.
Pair Corralation between Touchstone Sands and HUMANA
Assuming the 90 days horizon Touchstone Sands Capital is expected to generate 2.36 times more return on investment than HUMANA. However, Touchstone Sands is 2.36 times more volatile than HUMANA INC. It trades about 0.1 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.01 per unit of risk. If you would invest 1,192 in Touchstone Sands Capital on August 29, 2024 and sell it today you would earn a total of 439.00 from holding Touchstone Sands Capital or generate 36.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 96.79% |
| Values | Daily Returns |
Touchstone Sands Capital vs. HUMANA INC
Performance |
| Timeline |
| Touchstone Sands Capital |
| HUMANA INC |
Touchstone Sands and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Touchstone Sands and HUMANA
The main advantage of trading using opposite Touchstone Sands and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Touchstone Sands 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 Sands vs. Growth Fund Of | Touchstone Sands vs. HUMANA INC | Touchstone Sands vs. Aquagold International | Touchstone Sands vs. Barloworld Ltd ADR |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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