Correlation Between TransAKT and HUMANA
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By analyzing existing cross correlation between TransAKT and HUMANA INC, you can compare the effects of market volatilities on TransAKT 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 TransAKT with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of TransAKT and HUMANA.
Diversification Opportunities for TransAKT and HUMANA
Good diversification
The 3 months correlation between TransAKT and HUMANA is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding TransAKT and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and TransAKT 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 TransAKT 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 TransAKT i.e., TransAKT and HUMANA go up and down completely randomly.
Pair Corralation between TransAKT and HUMANA
Given the investment horizon of 90 days TransAKT is expected to generate 503.51 times more return on investment than HUMANA. However, TransAKT is 503.51 times more volatile than HUMANA INC. It trades about 0.22 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.11 per unit of risk. If you would invest 0.17 in TransAKT on August 27, 2024 and sell it today you would earn a total of 1.83 from holding TransAKT or generate 1076.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
TransAKT vs. HUMANA INC
Performance |
| Timeline |
| TransAKT |
| HUMANA INC |
TransAKT and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TransAKT and HUMANA
The main advantage of trading using opposite TransAKT and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TransAKT 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.| TransAKT vs. Element Solutions | TransAKT vs. Orion Engineered Carbons | TransAKT vs. Minerals Technologies | TransAKT vs. Ingevity Corp |
| HUMANA vs. Ultra Clean Holdings | HUMANA vs. Dream Homes Development | HUMANA vs. JBG SMITH Properties | HUMANA vs. Allegheny Technologies Incorporated |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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