Correlation Between HUMANA and Atlas Corp
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By analyzing existing cross correlation between HUMANA INC and Atlas Corp, you can compare the effects of market volatilities on HUMANA and Atlas Corp 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 Atlas Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Atlas Corp.
Diversification Opportunities for HUMANA and Atlas Corp
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HUMANA and Atlas is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Atlas Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atlas 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 Atlas Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atlas Corp has no effect on the direction of HUMANA i.e., HUMANA and Atlas Corp go up and down completely randomly.
Pair Corralation between HUMANA and Atlas Corp
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Atlas Corp. In addition to that, HUMANA is 1.12 times more volatile than Atlas Corp. It trades about -0.08 of its total potential returns per unit of risk. Atlas Corp is currently generating about 0.01 per unit of volatility. If you would invest 2,505 in Atlas Corp on August 24, 2024 and sell it today you would earn a total of 2.00 from holding Atlas Corp or generate 0.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 86.96% |
| Values | Daily Returns |
HUMANA INC vs. Atlas Corp
Performance |
| Timeline |
| HUMANA INC |
| Atlas Corp |
HUMANA and Atlas Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Atlas Corp
The main advantage of trading using opposite HUMANA and Atlas Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Atlas Corp 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 Atlas Corp will offset losses from the drop in Atlas Corp's long position.| HUMANA vs. Drilling Tools International | HUMANA vs. Delek Drilling | HUMANA vs. Vera Bradley | HUMANA vs. Duluth Holdings |
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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