Correlation Between Oatly Group and HUMANA
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By analyzing existing cross correlation between Oatly Group AB and HUMANA INC, you can compare the effects of market volatilities on Oatly Group 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 Oatly Group with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oatly Group and HUMANA.
Diversification Opportunities for Oatly Group and HUMANA
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Oatly and HUMANA is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Oatly Group AB and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Oatly Group 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 Oatly Group AB 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 Oatly Group i.e., Oatly Group and HUMANA go up and down completely randomly.
Pair Corralation between Oatly Group and HUMANA
Given the investment horizon of 90 days Oatly Group AB is expected to generate 2.53 times more return on investment than HUMANA. However, Oatly Group is 2.53 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 -0.16 per unit of risk. If you would invest 65.00 in Oatly Group AB on September 18, 2024 and sell it today you would earn a total of 1.00 from holding Oatly Group AB or generate 1.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oatly Group AB vs. HUMANA INC
Performance |
| Timeline |
| Oatly Group AB |
| HUMANA INC |
Oatly Group and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oatly Group and HUMANA
The main advantage of trading using opposite Oatly Group and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oatly Group 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.| Oatly Group vs. Monster Beverage Corp | Oatly Group vs. Vita Coco | Oatly Group vs. PepsiCo | Oatly Group vs. The Coca Cola |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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