Correlation Between HUMANA and Tuttle Capital
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By analyzing existing cross correlation between HUMANA INC and Tuttle Capital Management, you can compare the effects of market volatilities on HUMANA and Tuttle Capital 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 Tuttle Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Tuttle Capital.
Diversification Opportunities for HUMANA and Tuttle Capital
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Tuttle is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Tuttle Capital Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tuttle Capital Management 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 Tuttle Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tuttle Capital Management has no effect on the direction of HUMANA i.e., HUMANA and Tuttle Capital go up and down completely randomly.
Pair Corralation between HUMANA and Tuttle Capital
If you would invest 2,527 in Tuttle Capital Management on August 27, 2024 and sell it today you would earn a total of 0.00 from holding Tuttle Capital Management or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
HUMANA INC vs. Tuttle Capital Management
Performance |
| Timeline |
| HUMANA INC |
| Tuttle Capital Management |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HUMANA and Tuttle Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Tuttle Capital
The main advantage of trading using opposite HUMANA and Tuttle Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Tuttle Capital 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 Tuttle Capital will offset losses from the drop in Tuttle Capital's long position.| HUMANA vs. Balchem | HUMANA vs. Stepan Company | HUMANA vs. Videolocity International | HUMANA vs. Luxfer Holdings PLC |
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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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