Correlation Between HUMANA and FutureTech
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and FutureTech II Acquisition, you can compare the effects of market volatilities on HUMANA and FutureTech 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 FutureTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and FutureTech.
Diversification Opportunities for HUMANA and FutureTech
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and FutureTech is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and FutureTech II Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FutureTech II Acquisition 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 FutureTech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FutureTech II Acquisition has no effect on the direction of HUMANA i.e., HUMANA and FutureTech go up and down completely randomly.
Pair Corralation between HUMANA and FutureTech
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the FutureTech. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 207.48 times less risky than FutureTech. The bond trades about -0.04 of its potential returns per unit of risk. The FutureTech II Acquisition is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 3.00 in FutureTech II Acquisition on September 13, 2024 and sell it today you would lose (1.25) from holding FutureTech II Acquisition or give up 41.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 42.15% |
| Values | Daily Returns |
HUMANA INC vs. FutureTech II Acquisition
Performance |
| Timeline |
| HUMANA INC |
| FutureTech II Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
HUMANA and FutureTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and FutureTech
The main advantage of trading using opposite HUMANA and FutureTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, FutureTech 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 FutureTech will offset losses from the drop in FutureTech's long position.| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |