Correlation Between Aquaron Acquisition and HUMANA
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By analyzing existing cross correlation between Aquaron Acquisition Corp and HUMANA INC, you can compare the effects of market volatilities on Aquaron Acquisition 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 Aquaron Acquisition with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aquaron Acquisition and HUMANA.
Diversification Opportunities for Aquaron Acquisition and HUMANA
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Aquaron and HUMANA is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Aquaron Acquisition Corp and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Aquaron Acquisition 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 Aquaron Acquisition Corp 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 Aquaron Acquisition i.e., Aquaron Acquisition and HUMANA go up and down completely randomly.
Pair Corralation between Aquaron Acquisition and HUMANA
Assuming the 90 days horizon Aquaron Acquisition Corp is expected to generate 4.71 times more return on investment than HUMANA. However, Aquaron Acquisition is 4.71 times more volatile than HUMANA INC. It trades about 0.08 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.04 per unit of risk. If you would invest 1,089 in Aquaron Acquisition Corp on September 12, 2024 and sell it today you would earn a total of 48.00 from holding Aquaron Acquisition Corp or generate 4.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 9.96% |
| Values | Daily Returns |
Aquaron Acquisition Corp vs. HUMANA INC
Performance |
| Timeline |
| Aquaron Acquisition Corp |
| HUMANA INC |
Aquaron Acquisition and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aquaron Acquisition and HUMANA
The main advantage of trading using opposite Aquaron Acquisition and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aquaron Acquisition 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.| Aquaron Acquisition vs. HUMANA INC | Aquaron Acquisition vs. Barloworld Ltd ADR | Aquaron Acquisition vs. Morningstar Unconstrained Allocation | Aquaron Acquisition vs. Thrivent High Yield |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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