Correlation Between HUMANA and Blade Air
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By analyzing existing cross correlation between HUMANA INC and Blade Air Mobility, you can compare the effects of market volatilities on HUMANA and Blade Air 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 Blade Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Blade Air.
Diversification Opportunities for HUMANA and Blade Air
Very good diversification
The 3 months correlation between HUMANA and Blade is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Blade Air Mobility in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blade Air Mobility 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 Blade Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blade Air Mobility has no effect on the direction of HUMANA i.e., HUMANA and Blade Air go up and down completely randomly.
Pair Corralation between HUMANA and Blade Air
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Blade Air. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 12.74 times less risky than Blade Air. The bond trades about -0.21 of its potential returns per unit of risk. The Blade Air Mobility is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 29.00 in Blade Air Mobility on August 31, 2024 and sell it today you would earn a total of 20.00 from holding Blade Air Mobility or generate 68.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Blade Air Mobility
Performance |
| Timeline |
| HUMANA INC |
| Blade Air Mobility |
HUMANA and Blade Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Blade Air
The main advantage of trading using opposite HUMANA and Blade Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Blade Air 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 Blade Air will offset losses from the drop in Blade Air's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Blade Air vs. Joby Aviation | Blade Air vs. Innoviz Technologies | Blade Air vs. Origin Materials Warrant | Blade Air vs. HUMANA INC |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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