Correlation Between FT Cboe and HUMANA
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By analyzing existing cross correlation between FT Cboe Vest and HUMANA INC, you can compare the effects of market volatilities on FT Cboe and HUMANA 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 FT Cboe with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of FT Cboe and HUMANA.
Diversification Opportunities for FT Cboe and HUMANA
Good diversification
The 3 months correlation between KNG and HUMANA is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding FT Cboe Vest and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and FT Cboe 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 FT Cboe Vest are associated (or correlated) with HUMANA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUMANA INC has no effect on the direction of FT Cboe i.e., FT Cboe and HUMANA go up and down completely randomly.
Pair Corralation between FT Cboe and HUMANA
Considering the 90-day investment horizon FT Cboe is expected to generate 352.45 times less return on investment than HUMANA. But when comparing it to its historical volatility, FT Cboe Vest is 181.65 times less risky than HUMANA. It trades about 0.05 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 8,145 in HUMANA INC on February 3, 2024 and sell it today you would lose (49.00) from holding HUMANA INC or give up 0.6% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 93.95% |
Values | Daily Returns |
FT Cboe Vest vs. HUMANA INC
Performance |
Timeline |
FT Cboe Vest |
HUMANA INC |
FT Cboe and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with FT Cboe and HUMANA
The main advantage of trading using opposite FT Cboe and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FT Cboe position performs unexpectedly, HUMANA 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 HUMANA will offset losses from the drop in HUMANA's long position.FT Cboe vs. Listed Funds Trust | FT Cboe vs. ETF Series Solutions | FT Cboe vs. Aquagold International | FT Cboe 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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