Correlation Between Celsius Holdings and HUMANA
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By analyzing existing cross correlation between Celsius Holdings and HUMANA INC, you can compare the effects of market volatilities on Celsius Holdings 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 Celsius Holdings with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celsius Holdings and HUMANA.
Diversification Opportunities for Celsius Holdings and HUMANA
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Celsius and HUMANA is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Celsius Holdings and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Celsius Holdings 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 Celsius Holdings 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 Celsius Holdings i.e., Celsius Holdings and HUMANA go up and down completely randomly.
Pair Corralation between Celsius Holdings and HUMANA
Given the investment horizon of 90 days Celsius Holdings is expected to under-perform the HUMANA. But the stock apears to be less risky and, when comparing its historical volatility, Celsius Holdings is 24.66 times less risky than HUMANA. The stock trades about -0.02 of its potential returns per unit of risk. The HUMANA INC is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 7,887 in HUMANA INC on September 2, 2024 and sell it today you would lose (192.00) from holding HUMANA INC or give up 2.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.58% |
| Values | Daily Returns |
Celsius Holdings vs. HUMANA INC
Performance |
| Timeline |
| Celsius Holdings |
| HUMANA INC |
Celsius Holdings and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celsius Holdings and HUMANA
The main advantage of trading using opposite Celsius Holdings and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celsius Holdings 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.| Celsius Holdings vs. Vita Coco | Celsius Holdings vs. Keurig Dr Pepper | Celsius Holdings vs. PepsiCo | Celsius Holdings vs. Coca Cola Femsa SAB |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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