Correlation Between Eos Energy and HUMANA
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By analyzing existing cross correlation between Eos Energy Enterprises and HUMANA INC, you can compare the effects of market volatilities on Eos Energy 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 Eos Energy with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eos Energy and HUMANA.
Diversification Opportunities for Eos Energy and HUMANA
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Eos and HUMANA is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Eos Energy Enterprises and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Eos Energy 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 Eos Energy Enterprises 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 Eos Energy i.e., Eos Energy and HUMANA go up and down completely randomly.
Pair Corralation between Eos Energy and HUMANA
Assuming the 90 days horizon Eos Energy Enterprises is expected to generate 14.0 times more return on investment than HUMANA. However, Eos Energy is 14.0 times more volatile than HUMANA INC. It trades about 0.04 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.18 per unit of risk. If you would invest 21.00 in Eos Energy Enterprises on September 2, 2024 and sell it today you would lose (3.00) from holding Eos Energy Enterprises or give up 14.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Eos Energy Enterprises vs. HUMANA INC
Performance |
| Timeline |
| Eos Energy Enterprises |
| HUMANA INC |
Eos Energy and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eos Energy and HUMANA
The main advantage of trading using opposite Eos Energy and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eos Energy 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.| Eos Energy vs. Eos Energy Enterprises | Eos Energy vs. CuriosityStream | Eos Energy vs. GCM Grosvenor | Eos Energy vs. Canoo Holdings |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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