Correlation Between HUMANA and First Trust
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By analyzing existing cross correlation between HUMANA INC and First Trust, you can compare the effects of market volatilities on HUMANA and First Trust 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 First Trust. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and First Trust.
Diversification Opportunities for HUMANA and First Trust
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and First is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and First Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Trust 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 First Trust. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Trust has no effect on the direction of HUMANA i.e., HUMANA and First Trust go up and down completely randomly.
Pair Corralation between HUMANA and First Trust
If you would invest 7,744 in HUMANA INC on June 22, 2024 and sell it today you would earn a total of 137.00 from holding HUMANA INC or generate 1.77% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
HUMANA INC vs. First Trust
Performance |
Timeline |
HUMANA INC |
First Trust |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HUMANA and First Trust Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and First Trust
The main advantage of trading using opposite HUMANA and First Trust positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, First Trust 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 First Trust will offset losses from the drop in First Trust's long position.HUMANA vs. Electrovaya Common Shares | HUMANA vs. SunOpta | HUMANA vs. Sandstorm Gold Ltd | HUMANA vs. Eldorado Gold 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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