Correlation Between HUMANA and Aquaron Acquisition
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By analyzing existing cross correlation between HUMANA INC and Aquaron Acquisition Corp, you can compare the effects of market volatilities on HUMANA and Aquaron Acquisition 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 Aquaron Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Aquaron Acquisition.
Diversification Opportunities for HUMANA and Aquaron Acquisition
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Aquaron is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Aquaron Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aquaron Acquisition Corp 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 Aquaron Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aquaron Acquisition Corp has no effect on the direction of HUMANA i.e., HUMANA and Aquaron Acquisition go up and down completely randomly.
Pair Corralation between HUMANA and Aquaron Acquisition
Assuming the 90 days trading horizon HUMANA INC is expected to generate 0.32 times more return on investment than Aquaron Acquisition. However, HUMANA INC is 3.08 times less risky than Aquaron Acquisition. It trades about -0.03 of its potential returns per unit of risk. Aquaron Acquisition Corp is currently generating about -0.04 per unit of risk. If you would invest 7,999 in HUMANA INC on November 30, 2024 and sell it today you would lose (100.00) from holding HUMANA INC or give up 1.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.62% |
| Values | Daily Returns |
HUMANA INC vs. Aquaron Acquisition Corp
Performance |
| Timeline |
| HUMANA INC |
| Aquaron Acquisition Corp |
HUMANA and Aquaron Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Aquaron Acquisition
The main advantage of trading using opposite HUMANA and Aquaron Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Aquaron Acquisition 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 Aquaron Acquisition will offset losses from the drop in Aquaron Acquisition's long position.| HUMANA vs. Lululemon Athletica | HUMANA vs. Lithium Americas Corp | HUMANA vs. Cementos Pacasmayo SAA | HUMANA vs. Arhaus Inc |
| Aquaron Acquisition vs. Onfolio Holdings | Aquaron Acquisition vs. Horizon Space Acquisition | Aquaron Acquisition vs. bioAffinity Technologies, | Aquaron Acquisition vs. Reborn Coffee |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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