Correlation Between HUMANA and ICTS International
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By analyzing existing cross correlation between HUMANA INC and ICTS International NV, you can compare the effects of market volatilities on HUMANA and ICTS International 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 ICTS International. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and ICTS International.
Diversification Opportunities for HUMANA and ICTS International
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HUMANA and ICTS is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and ICTS International NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ICTS International 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 ICTS International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ICTS International has no effect on the direction of HUMANA i.e., HUMANA and ICTS International go up and down completely randomly.
Pair Corralation between HUMANA and ICTS International
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the ICTS International. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 7.43 times less risky than ICTS International. The bond trades about -0.05 of its potential returns per unit of risk. The ICTS International NV is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 455.00 in ICTS International NV on September 3, 2024 and sell it today you would lose (5.00) from holding ICTS International NV or give up 1.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
HUMANA INC vs. ICTS International NV
Performance |
| Timeline |
| HUMANA INC |
| ICTS International |
HUMANA and ICTS International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and ICTS International
The main advantage of trading using opposite HUMANA and ICTS International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, ICTS International 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 ICTS International will offset losses from the drop in ICTS International's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| ICTS International vs. TOMI Environmental Solutions | ICTS International vs. SCOR PK | ICTS International vs. HUMANA INC | ICTS International vs. Aquagold International |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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