Correlation Between HUMANA and Trustcash Holdings
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By analyzing existing cross correlation between HUMANA INC and Trustcash Holdings, you can compare the effects of market volatilities on HUMANA and Trustcash Holdings 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 Trustcash Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Trustcash Holdings.
Diversification Opportunities for HUMANA and Trustcash Holdings
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Trustcash is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Trustcash Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Trustcash Holdings 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 Trustcash Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Trustcash Holdings has no effect on the direction of HUMANA i.e., HUMANA and Trustcash Holdings go up and down completely randomly.
Pair Corralation between HUMANA and Trustcash Holdings
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.09 times more return on investment than Trustcash Holdings. However, HUMANA INC is 11.27 times less risky than Trustcash Holdings. It trades about 0.01 of its potential returns per unit of risk. Trustcash Holdings is currently generating about -0.06 per unit of risk. If you would invest 7,941 in HUMANA INC on September 3, 2024 and sell it today you would earn a total of 94.00 from holding HUMANA INC or generate 1.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.56% |
| Values | Daily Returns |
HUMANA INC vs. Trustcash Holdings
Performance |
| Timeline |
| HUMANA INC |
| Trustcash Holdings |
HUMANA and Trustcash Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Trustcash Holdings
The main advantage of trading using opposite HUMANA and Trustcash Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Trustcash Holdings 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 Trustcash Holdings will offset losses from the drop in Trustcash Holdings' long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Trustcash Holdings vs. TOMI Environmental Solutions | Trustcash Holdings vs. SCOR PK | Trustcash Holdings vs. HUMANA INC | Trustcash Holdings 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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