Correlation Between HUMANA and Tidal Trust
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By analyzing existing cross correlation between HUMANA INC and Tidal Trust II, you can compare the effects of market volatilities on HUMANA and Tidal Trust 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 Tidal Trust. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Tidal Trust.
Diversification Opportunities for HUMANA and Tidal Trust
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Tidal is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Tidal Trust II in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tidal Trust II 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 Tidal Trust. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tidal Trust II has no effect on the direction of HUMANA i.e., HUMANA and Tidal Trust go up and down completely randomly.
Pair Corralation between HUMANA and Tidal Trust
Assuming the 90 days trading horizon HUMANA INC is expected to generate 60.27 times more return on investment than Tidal Trust. However, HUMANA is 60.27 times more volatile than Tidal Trust II. It trades about 0.08 of its potential returns per unit of risk. Tidal Trust II is currently generating about 0.07 per unit of risk. If you would invest 7,917 in HUMANA INC on August 31, 2024 and sell it today you would lose (222.00) from holding HUMANA INC or give up 2.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.32% |
| Values | Daily Returns |
HUMANA INC vs. Tidal Trust II
Performance |
| Timeline |
| HUMANA INC |
| Tidal Trust II |
HUMANA and Tidal Trust Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Tidal Trust
The main advantage of trading using opposite HUMANA and Tidal Trust positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Tidal Trust 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 Tidal Trust will offset losses from the drop in Tidal Trust's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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