Correlation Between HUMANA and Distoken Acquisition
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By analyzing existing cross correlation between HUMANA INC and Distoken Acquisition, you can compare the effects of market volatilities on HUMANA and Distoken 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 Distoken Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Distoken Acquisition.
Diversification Opportunities for HUMANA and Distoken Acquisition
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Distoken is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Distoken Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Distoken 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 Distoken Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Distoken Acquisition has no effect on the direction of HUMANA i.e., HUMANA and Distoken Acquisition go up and down completely randomly.
Pair Corralation between HUMANA and Distoken Acquisition
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Distoken Acquisition. In addition to that, HUMANA is 2.73 times more volatile than Distoken Acquisition. It trades about -0.02 of its total potential returns per unit of risk. Distoken Acquisition is currently generating about 0.13 per unit of volatility. If you would invest 1,075 in Distoken Acquisition on August 24, 2024 and sell it today you would earn a total of 43.40 from holding Distoken Acquisition or generate 4.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.4% |
| Values | Daily Returns |
HUMANA INC vs. Distoken Acquisition
Performance |
| Timeline |
| HUMANA INC |
| Distoken Acquisition |
HUMANA and Distoken Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Distoken Acquisition
The main advantage of trading using opposite HUMANA and Distoken Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Distoken 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 Distoken Acquisition will offset losses from the drop in Distoken Acquisition's long position.| HUMANA vs. Western Digital | HUMANA vs. Arrow Electronics | HUMANA vs. Anheuser Busch Inbev | HUMANA vs. Keurig Dr Pepper |
| Distoken Acquisition vs. ABIVAX Socit Anonyme | Distoken Acquisition vs. SCOR PK | Distoken Acquisition vs. HUMANA INC | Distoken Acquisition 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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