Correlation Between Cartesian Growth and HUMANA
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By analyzing existing cross correlation between Cartesian Growth and HUMANA INC, you can compare the effects of market volatilities on Cartesian Growth 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 Cartesian Growth with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cartesian Growth and HUMANA.
Diversification Opportunities for Cartesian Growth and HUMANA
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Cartesian and HUMANA is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Cartesian Growth and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Cartesian Growth 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 Cartesian Growth 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 Cartesian Growth i.e., Cartesian Growth and HUMANA go up and down completely randomly.
Pair Corralation between Cartesian Growth and HUMANA
Assuming the 90 days horizon Cartesian Growth is expected to generate 0.43 times more return on investment than HUMANA. However, Cartesian Growth is 2.35 times less risky than HUMANA. It trades about 0.22 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.19 per unit of risk. If you would invest 1,138 in Cartesian Growth on September 13, 2024 and sell it today you would earn a total of 25.00 from holding Cartesian Growth or generate 2.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cartesian Growth vs. HUMANA INC
Performance |
| Timeline |
| Cartesian Growth |
| HUMANA INC |
Cartesian Growth and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cartesian Growth and HUMANA
The main advantage of trading using opposite Cartesian Growth and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cartesian Growth 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.| Cartesian Growth vs. Investcorp India Acquisition | Cartesian Growth vs. Rf Acquisition Corp | Cartesian Growth vs. Metal Sky Star |
| 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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