Correlation Between Horizon Space and HUMANA
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By analyzing existing cross correlation between Horizon Space Acquisition and HUMANA INC, you can compare the effects of market volatilities on Horizon Space 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 Horizon Space with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Horizon Space and HUMANA.
Diversification Opportunities for Horizon Space and HUMANA
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Horizon and HUMANA is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Horizon Space Acquisition and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Horizon Space 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 Horizon Space 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 Horizon Space i.e., Horizon Space and HUMANA go up and down completely randomly.
Pair Corralation between Horizon Space and HUMANA
Assuming the 90 days horizon Horizon Space Acquisition is expected to generate 25.06 times more return on investment than HUMANA. However, Horizon Space is 25.06 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 -0.19 per unit of risk. If you would invest 2.97 in Horizon Space Acquisition on September 13, 2024 and sell it today you would lose (0.49) from holding Horizon Space Acquisition or give up 16.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 28.57% |
| Values | Daily Returns |
Horizon Space Acquisition vs. HUMANA INC
Performance |
| Timeline |
| Horizon Space Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| HUMANA INC |
Horizon Space and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Horizon Space and HUMANA
The main advantage of trading using opposite Horizon Space and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Horizon Space 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.| Horizon Space vs. United Parks Resorts | Horizon Space vs. Funko Inc | Horizon Space vs. Canlan Ice Sports | Horizon Space vs. Saia Inc |
| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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