Correlation Between HUMANA and GP Act
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and GP Act III Acquisition, you can compare the effects of market volatilities on HUMANA and GP Act 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 GP Act. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and GP Act.
Diversification Opportunities for HUMANA and GP Act
Excellent diversification
The 3 months correlation between HUMANA and GPAT is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and GP Act III Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GP Act III 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 GP Act. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GP Act III has no effect on the direction of HUMANA i.e., HUMANA and GP Act go up and down completely randomly.
Pair Corralation between HUMANA and GP Act
Assuming the 90 days trading horizon HUMANA INC is expected to generate 695.0 times more return on investment than GP Act. However, HUMANA is 695.0 times more volatile than GP Act III Acquisition. It trades about 0.07 of its potential returns per unit of risk. GP Act III Acquisition is currently generating about 0.11 per unit of risk. If you would invest 7,840 in HUMANA INC on September 13, 2024 and sell it today you would lose (145.00) from holding HUMANA INC or give up 1.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 24.78% |
| Values | Daily Returns |
HUMANA INC vs. GP Act III Acquisition
Performance |
| Timeline |
| HUMANA INC |
| GP Act III |
HUMANA and GP Act Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and GP Act
The main advantage of trading using opposite HUMANA and GP Act positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, GP Act 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 GP Act will offset losses from the drop in GP Act's long position.| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
| GP Act vs. Visa Class A | GP Act vs. Diamond Hill Investment | GP Act vs. Distoken Acquisition | GP Act vs. AllianceBernstein Holding LP |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |