Correlation Between AlphaTime Acquisition and HUMANA
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By analyzing existing cross correlation between AlphaTime Acquisition Corp and HUMANA INC, you can compare the effects of market volatilities on AlphaTime 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 AlphaTime Acquisition with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of AlphaTime Acquisition and HUMANA.
Diversification Opportunities for AlphaTime Acquisition and HUMANA
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between AlphaTime and HUMANA is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding AlphaTime 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 AlphaTime 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 AlphaTime 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 AlphaTime Acquisition i.e., AlphaTime Acquisition and HUMANA go up and down completely randomly.
Pair Corralation between AlphaTime Acquisition and HUMANA
Assuming the 90 days horizon AlphaTime Acquisition Corp is expected to under-perform the HUMANA. In addition to that, AlphaTime Acquisition is 5.95 times more volatile than HUMANA INC. It trades about -0.43 of its total potential returns per unit of risk. HUMANA INC is currently generating about -0.19 per unit of volatility. If you would invest 8,064 in HUMANA INC on September 13, 2024 and sell it today you would lose (369.00) from holding HUMANA INC or give up 4.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 23.81% |
| Values | Daily Returns |
AlphaTime Acquisition Corp vs. HUMANA INC
Performance |
| Timeline |
| AlphaTime Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
| HUMANA INC |
AlphaTime Acquisition and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AlphaTime Acquisition and HUMANA
The main advantage of trading using opposite AlphaTime Acquisition and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AlphaTime 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.| AlphaTime Acquisition vs. Cedar Realty Trust | AlphaTime Acquisition vs. Cincinnati Financial | AlphaTime Acquisition vs. Kinsale Capital Group | AlphaTime Acquisition vs. Assurant |
| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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