Correlation Between HUMANA and Touchstone Ultra
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By analyzing existing cross correlation between HUMANA INC and Touchstone Ultra Short, you can compare the effects of market volatilities on HUMANA and Touchstone Ultra 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 Touchstone Ultra. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Touchstone Ultra.
Diversification Opportunities for HUMANA and Touchstone Ultra
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Touchstone is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Touchstone Ultra Short in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Touchstone Ultra Short 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 Touchstone Ultra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Touchstone Ultra Short has no effect on the direction of HUMANA i.e., HUMANA and Touchstone Ultra go up and down completely randomly.
Pair Corralation between HUMANA and Touchstone Ultra
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Touchstone Ultra. In addition to that, HUMANA is 5.29 times more volatile than Touchstone Ultra Short. It trades about -0.08 of its total potential returns per unit of risk. Touchstone Ultra Short is currently generating about 0.28 per unit of volatility. If you would invest 919.00 in Touchstone Ultra Short on August 24, 2024 and sell it today you would earn a total of 5.00 from holding Touchstone Ultra Short or generate 0.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. Touchstone Ultra Short
Performance |
| Timeline |
| HUMANA INC |
| Touchstone Ultra Short |
HUMANA and Touchstone Ultra Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Touchstone Ultra
The main advantage of trading using opposite HUMANA and Touchstone Ultra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Touchstone Ultra 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 Touchstone Ultra will offset losses from the drop in Touchstone Ultra's long position.| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth Holdings |
| Touchstone Ultra vs. HUMANA INC | Touchstone Ultra vs. Aquagold International | Touchstone Ultra vs. Barloworld Ltd ADR | Touchstone Ultra vs. Morningstar Unconstrained Allocation |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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