Correlation Between HUMANA and Target Global
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By analyzing existing cross correlation between HUMANA INC and Target Global Acquisition, you can compare the effects of market volatilities on HUMANA and Target Global 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 Target Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Target Global.
Diversification Opportunities for HUMANA and Target Global
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HUMANA and Target is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Target Global Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Target Global 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 Target Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Target Global Acquisition has no effect on the direction of HUMANA i.e., HUMANA and Target Global go up and down completely randomly.
Pair Corralation between HUMANA and Target Global
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Target Global. In addition to that, HUMANA is 8.87 times more volatile than Target Global Acquisition. It trades about -0.21 of its total potential returns per unit of risk. Target Global Acquisition is currently generating about 0.29 per unit of volatility. If you would invest 1,126 in Target Global Acquisition on August 31, 2024 and sell it today you would earn a total of 9.00 from holding Target Global Acquisition or generate 0.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Target Global Acquisition
Performance |
| Timeline |
| HUMANA INC |
| Target Global Acquisition |
HUMANA and Target Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Target Global
The main advantage of trading using opposite HUMANA and Target Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Target Global 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 Target Global will offset losses from the drop in Target Global's long position.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Target Global vs. PowerUp Acquisition Corp | Target Global vs. HUMANA INC | Target Global vs. Aquagold International | Target Global vs. Barloworld Ltd ADR |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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