Correlation Between Aquestive Therapeutics and HUMANA
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By analyzing existing cross correlation between Aquestive Therapeutics and HUMANA INC, you can compare the effects of market volatilities on Aquestive Therapeutics 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 Aquestive Therapeutics with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aquestive Therapeutics and HUMANA.
Diversification Opportunities for Aquestive Therapeutics and HUMANA
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Aquestive and HUMANA is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Aquestive Therapeutics and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Aquestive Therapeutics 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 Aquestive Therapeutics 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 Aquestive Therapeutics i.e., Aquestive Therapeutics and HUMANA go up and down completely randomly.
Pair Corralation between Aquestive Therapeutics and HUMANA
Given the investment horizon of 90 days Aquestive Therapeutics is expected to under-perform the HUMANA. In addition to that, Aquestive Therapeutics is 6.02 times more volatile than HUMANA INC. It trades about -0.19 of its total potential returns per unit of risk. HUMANA INC is currently generating about -0.15 per unit of volatility. If you would invest 8,197 in HUMANA INC on October 8, 2024 and sell it today you would lose (162.00) from holding HUMANA INC or give up 1.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aquestive Therapeutics vs. HUMANA INC
Performance |
| Timeline |
| Aquestive Therapeutics |
| HUMANA INC |
Aquestive Therapeutics and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aquestive Therapeutics and HUMANA
The main advantage of trading using opposite Aquestive Therapeutics and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aquestive Therapeutics 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.| Aquestive Therapeutics vs. Evoke Pharma | Aquestive Therapeutics vs. Dynavax Technologies | Aquestive Therapeutics vs. Amphastar P | Aquestive Therapeutics vs. Lantheus Holdings |
| HUMANA vs. The Cheesecake Factory | HUMANA vs. Oasis Hotel Resort | HUMANA vs. Cardinal Health | HUMANA vs. Definitive Healthcare Corp |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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