Correlation Between HUMANA and Horizon Space
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By analyzing existing cross correlation between HUMANA INC and Horizon Space Acquisition, you can compare the effects of market volatilities on HUMANA and Horizon Space 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 Horizon Space. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Horizon Space.
Diversification Opportunities for HUMANA and Horizon Space
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and Horizon is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Horizon Space Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Horizon Space 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 Horizon Space. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Horizon Space Acquisition has no effect on the direction of HUMANA i.e., HUMANA and Horizon Space go up and down completely randomly.
Pair Corralation between HUMANA and Horizon Space
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Horizon Space. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 51.96 times less risky than Horizon Space. The bond trades about -0.04 of its potential returns per unit of risk. The Horizon Space Acquisition is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 3.60 in Horizon Space Acquisition on September 13, 2024 and sell it today you would lose (1.12) from holding Horizon Space Acquisition or give up 31.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 22.31% |
| Values | Daily Returns |
HUMANA INC vs. Horizon Space Acquisition
Performance |
| Timeline |
| HUMANA INC |
| Horizon Space Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
HUMANA and Horizon Space Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Horizon Space
The main advantage of trading using opposite HUMANA and Horizon Space positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Horizon Space 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 Horizon Space will offset losses from the drop in Horizon Space's long position.| HUMANA vs. Morgan Stanley | HUMANA vs. Infosys Ltd ADR | HUMANA vs. Citizens Bancorp Investment | HUMANA vs. Small Cap Premium |
| Horizon Space vs. United Parks Resorts | Horizon Space vs. Funko Inc | Horizon Space vs. Canlan Ice Sports | Horizon Space vs. Saia 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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