Correlation Between HUMANA and Dimensional ETF
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By analyzing existing cross correlation between HUMANA INC and Dimensional ETF Trust, you can compare the effects of market volatilities on HUMANA and Dimensional ETF 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 Dimensional ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Dimensional ETF.
Diversification Opportunities for HUMANA and Dimensional ETF
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Dimensional is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Dimensional ETF Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dimensional ETF Trust 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 Dimensional ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dimensional ETF Trust has no effect on the direction of HUMANA i.e., HUMANA and Dimensional ETF go up and down completely randomly.
Pair Corralation between HUMANA and Dimensional ETF
Assuming the 90 days trading horizon HUMANA INC is expected to generate 104.93 times more return on investment than Dimensional ETF. However, HUMANA is 104.93 times more volatile than Dimensional ETF Trust. It trades about 0.07 of its potential returns per unit of risk. Dimensional ETF Trust is currently generating about 0.11 per unit of risk. If you would invest 8,030 in HUMANA INC on August 27, 2024 and sell it today you would lose (335.00) from holding HUMANA INC or give up 4.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 93.95% |
| Values | Daily Returns |
HUMANA INC vs. Dimensional ETF Trust
Performance |
| Timeline |
| HUMANA INC |
| Dimensional ETF Trust |
HUMANA and Dimensional ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Dimensional ETF
The main advantage of trading using opposite HUMANA and Dimensional ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Dimensional ETF 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 Dimensional ETF will offset losses from the drop in Dimensional ETF's long position.| HUMANA vs. Balchem | HUMANA vs. Stepan Company | HUMANA vs. Videolocity International | HUMANA vs. Luxfer Holdings PLC |
| Dimensional ETF vs. Dimensional International High | Dimensional ETF vs. Dimensional Core Equity | Dimensional ETF vs. Dimensional ETF Trust | Dimensional ETF vs. Dimensional International Core |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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