Correlation Between Abcellera Biologics and HUMANA
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By analyzing existing cross correlation between Abcellera Biologics and HUMANA INC, you can compare the effects of market volatilities on Abcellera Biologics 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 Abcellera Biologics with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Abcellera Biologics and HUMANA.
Diversification Opportunities for Abcellera Biologics and HUMANA
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Abcellera and HUMANA is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Abcellera Biologics and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Abcellera Biologics 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 Abcellera Biologics 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 Abcellera Biologics i.e., Abcellera Biologics and HUMANA go up and down completely randomly.
Pair Corralation between Abcellera Biologics and HUMANA
Given the investment horizon of 90 days Abcellera Biologics is expected to generate 2.73 times more return on investment than HUMANA. However, Abcellera Biologics is 2.73 times more volatile than HUMANA INC. It trades about 0.0 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.24 per unit of risk. If you would invest 295.00 in Abcellera Biologics on September 24, 2024 and sell it today you would lose (3.00) from holding Abcellera Biologics or give up 1.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Abcellera Biologics vs. HUMANA INC
Performance |
| Timeline |
| Abcellera Biologics |
| HUMANA INC |
Abcellera Biologics and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Abcellera Biologics and HUMANA
The main advantage of trading using opposite Abcellera Biologics and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Abcellera Biologics 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.| Abcellera Biologics vs. Fate Therapeutics | Abcellera Biologics vs. Sana Biotechnology | Abcellera Biologics vs. Caribou Biosciences | Abcellera Biologics vs. Arcus Biosciences |
| HUMANA vs. Abcellera Biologics | HUMANA vs. Centessa Pharmaceuticals PLC | HUMANA vs. Regeneron Pharmaceuticals | HUMANA vs. Catalyst Pharmaceuticals |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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