Correlation Between HUMANA and Apollo Global
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By analyzing existing cross correlation between HUMANA INC and Apollo Global Management, you can compare the effects of market volatilities on HUMANA and Apollo Global 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 Apollo Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Apollo Global.
Diversification Opportunities for HUMANA and Apollo Global
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Apollo is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Apollo Global Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apollo Global Management 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 Apollo Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apollo Global Management has no effect on the direction of HUMANA i.e., HUMANA and Apollo Global go up and down completely randomly.
Pair Corralation between HUMANA and Apollo Global
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Apollo Global. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 2.9 times less risky than Apollo Global. The bond trades about -0.17 of its potential returns per unit of risk. The Apollo Global Management is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 11,157 in Apollo Global Management on August 26, 2024 and sell it today you would earn a total of 5,599 from holding Apollo Global Management or generate 50.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
HUMANA INC vs. Apollo Global Management
Performance |
| Timeline |
| HUMANA INC |
| Apollo Global Management |
HUMANA and Apollo Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Apollo Global
The main advantage of trading using opposite HUMANA and Apollo Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Apollo Global 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 Apollo Global will offset losses from the drop in Apollo Global's long position.| HUMANA vs. Balchem | HUMANA vs. Stepan Company | HUMANA vs. Videolocity International | HUMANA vs. Luxfer Holdings PLC |
| Apollo Global vs. PowerUp Acquisition Corp | Apollo Global vs. Aurora Innovation | Apollo Global vs. HUMANA INC | Apollo Global vs. Aquagold International |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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