Correlation Between Flag Ship and HUMANA
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By analyzing existing cross correlation between Flag Ship Acquisition and HUMANA INC, you can compare the effects of market volatilities on Flag Ship 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 Flag Ship with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Flag Ship and HUMANA.
Diversification Opportunities for Flag Ship and HUMANA
Very good diversification
The 3 months correlation between Flag and HUMANA is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Flag Ship Acquisition and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Flag Ship 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 Flag Ship Acquisition 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 Flag Ship i.e., Flag Ship and HUMANA go up and down completely randomly.
Pair Corralation between Flag Ship and HUMANA
Given the investment horizon of 90 days Flag Ship Acquisition is not expected to generate positive returns. However, Flag Ship Acquisition is 11.15 times less risky than HUMANA. It waists most of its returns potential to compensate for thr risk taken. HUMANA is generating about -0.19 per unit of risk. If you would invest 1,014 in Flag Ship Acquisition on September 13, 2024 and sell it today you would earn a total of 0.00 from holding Flag Ship Acquisition or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Flag Ship Acquisition vs. HUMANA INC
Performance |
| Timeline |
| Flag Ship Acquisition |
| HUMANA INC |
Flag Ship and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Flag Ship and HUMANA
The main advantage of trading using opposite Flag Ship and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Flag Ship 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.| Flag Ship vs. Visa Class A | Flag Ship vs. Diamond Hill Investment | Flag Ship vs. Distoken Acquisition | Flag Ship vs. AllianceBernstein Holding LP |
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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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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