Correlation Between Centessa Pharmaceuticals and HUMANA
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By analyzing existing cross correlation between Centessa Pharmaceuticals PLC and HUMANA INC, you can compare the effects of market volatilities on Centessa Pharmaceuticals 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 Centessa Pharmaceuticals with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Centessa Pharmaceuticals and HUMANA.
Diversification Opportunities for Centessa Pharmaceuticals and HUMANA
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Centessa and HUMANA is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Centessa Pharmaceuticals PLC and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Centessa Pharmaceuticals 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 Centessa Pharmaceuticals PLC 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 Centessa Pharmaceuticals i.e., Centessa Pharmaceuticals and HUMANA go up and down completely randomly.
Pair Corralation between Centessa Pharmaceuticals and HUMANA
Given the investment horizon of 90 days Centessa Pharmaceuticals PLC is expected to generate 3.04 times more return on investment than HUMANA. However, Centessa Pharmaceuticals is 3.04 times more volatile than HUMANA INC. It trades about 0.05 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.24 per unit of risk. If you would invest 1,710 in Centessa Pharmaceuticals PLC on September 24, 2024 and sell it today you would earn a total of 43.00 from holding Centessa Pharmaceuticals PLC or generate 2.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Centessa Pharmaceuticals PLC vs. HUMANA INC
Performance |
| Timeline |
| Centessa Pharmaceuticals |
| HUMANA INC |
Centessa Pharmaceuticals and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Centessa Pharmaceuticals and HUMANA
The main advantage of trading using opposite Centessa Pharmaceuticals and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Centessa Pharmaceuticals 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.| Centessa Pharmaceuticals vs. Fate Therapeutics | Centessa Pharmaceuticals vs. Sana Biotechnology | Centessa Pharmaceuticals vs. Caribou Biosciences | Centessa Pharmaceuticals vs. Arcus Biosciences |
| HUMANA vs. Abcellera Biologics | HUMANA vs. Centessa Pharmaceuticals PLC | HUMANA vs. Regeneron Pharmaceuticals | HUMANA vs. Catalyst Pharmaceuticals |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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