Correlation Between Atlas Corp and HUMANA
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By analyzing existing cross correlation between Atlas Corp and HUMANA INC, you can compare the effects of market volatilities on Atlas Corp 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 Atlas Corp with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atlas Corp and HUMANA.
Diversification Opportunities for Atlas Corp and HUMANA
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Atlas and HUMANA is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Atlas Corp and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Atlas Corp 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 Atlas 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 Atlas Corp i.e., Atlas Corp and HUMANA go up and down completely randomly.
Pair Corralation between Atlas Corp and HUMANA
Assuming the 90 days trading horizon Atlas Corp is expected to generate 0.34 times more return on investment than HUMANA. However, Atlas Corp is 2.92 times less risky than HUMANA. It trades about 0.1 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.22 per unit of risk. If you would invest 2,486 in Atlas Corp on August 29, 2024 and sell it today you would earn a total of 20.00 from holding Atlas Corp or generate 0.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Atlas Corp vs. HUMANA INC
Performance |
| Timeline |
| Atlas Corp |
| HUMANA INC |
Atlas Corp and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Atlas Corp and HUMANA
The main advantage of trading using opposite Atlas Corp and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Atlas Corp 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.| Atlas Corp vs. Costamare | Atlas Corp vs. Costamare | Atlas Corp vs. HUMANA INC | Atlas Corp vs. Aquagold International |
| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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