Correlation Between HUMANA and Alpha Star
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By analyzing existing cross correlation between HUMANA INC and Alpha Star Acquisition, you can compare the effects of market volatilities on HUMANA and Alpha Star 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 HUMANA with a short position of Alpha Star. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Alpha Star.
Diversification Opportunities for HUMANA and Alpha Star
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HUMANA and Alpha is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Alpha Star Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alpha Star Acquisition and HUMANA 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 HUMANA INC are associated (or correlated) with Alpha Star. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alpha Star Acquisition has no effect on the direction of HUMANA i.e., HUMANA and Alpha Star go up and down completely randomly.
Pair Corralation between HUMANA and Alpha Star
If you would invest 1,000.00 in Alpha Star Acquisition on November 18, 2024 and sell it today you would earn a total of 0.00 from holding Alpha Star Acquisition or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Alpha Star Acquisition
Performance |
| Timeline |
| HUMANA INC |
| Alpha Star Acquisition |
HUMANA and Alpha Star Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Alpha Star
The main advantage of trading using opposite HUMANA and Alpha Star positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Alpha Star 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 Alpha Star will offset losses from the drop in Alpha Star's long position.| HUMANA vs. Park Electrochemical | HUMANA vs. Allied Gaming Entertainment | HUMANA vs. Aldel Financial II | HUMANA vs. Boyd Gaming |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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