Correlation Between Bannix Acquisition and HUMANA
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By analyzing existing cross correlation between Bannix Acquisition Corp and HUMANA INC, you can compare the effects of market volatilities on Bannix 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 Bannix Acquisition with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bannix Acquisition and HUMANA.
Diversification Opportunities for Bannix Acquisition and HUMANA
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bannix and HUMANA is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Bannix 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 Bannix 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 Bannix 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 Bannix Acquisition i.e., Bannix Acquisition and HUMANA go up and down completely randomly.
Pair Corralation between Bannix Acquisition and HUMANA
Assuming the 90 days horizon Bannix Acquisition Corp is expected to generate 6.69 times more return on investment than HUMANA. However, Bannix Acquisition is 6.69 times more volatile than HUMANA INC. It trades about 0.3 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.11 per unit of risk. If you would invest 14.00 in Bannix Acquisition Corp on December 3, 2024 and sell it today you would earn a total of 5.00 from holding Bannix Acquisition Corp or generate 35.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
Bannix Acquisition Corp vs. HUMANA INC
Performance |
| Timeline |
| Bannix Acquisition Corp |
| HUMANA INC |
Bannix Acquisition and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bannix Acquisition and HUMANA
The main advantage of trading using opposite Bannix Acquisition and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bannix 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.| Bannix Acquisition vs. Bannix Acquisition Corp | Bannix Acquisition vs. WinVest Acquisition Corp | Bannix Acquisition vs. Bannix Acquisition Corp |
| HUMANA vs. Cebu Air ADR | HUMANA vs. Mesa Air Group | HUMANA vs. Vodka Brands Corp | HUMANA vs. Keurig Dr Pepper |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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