Correlation Between HUMANA and TrueShares Technology
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By analyzing existing cross correlation between HUMANA INC and TrueShares Technology AI, you can compare the effects of market volatilities on HUMANA and TrueShares Technology 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 TrueShares Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and TrueShares Technology.
Diversification Opportunities for HUMANA and TrueShares Technology
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and TrueShares is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and TrueShares Technology AI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TrueShares Technology 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 TrueShares Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TrueShares Technology has no effect on the direction of HUMANA i.e., HUMANA and TrueShares Technology go up and down completely randomly.
Pair Corralation between HUMANA and TrueShares Technology
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.55 times more return on investment than TrueShares Technology. However, HUMANA INC is 1.81 times less risky than TrueShares Technology. It trades about -0.11 of its potential returns per unit of risk. TrueShares Technology AI is currently generating about -0.09 per unit of risk. If you would invest 8,080 in HUMANA INC on December 4, 2024 and sell it today you would lose (181.00) from holding HUMANA INC or give up 2.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
HUMANA INC vs. TrueShares Technology AI
Performance |
| Timeline |
| HUMANA INC |
| TrueShares Technology |
HUMANA and TrueShares Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and TrueShares Technology
The main advantage of trading using opposite HUMANA and TrueShares Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, TrueShares Technology 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 TrueShares Technology will offset losses from the drop in TrueShares Technology's long position.| HUMANA vs. enVVeno Medical Corp | ||
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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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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