Correlation Between HUMANA and Take Two
Specify exactly 2 symbols:
By analyzing existing cross correlation between HUMANA INC and Take Two Interactive Software, you can compare the effects of market volatilities on HUMANA and Take Two 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 Take Two. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Take Two.
Diversification Opportunities for HUMANA and Take Two
Very good diversification
The 3 months correlation between HUMANA and Take is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Take Two Interactive Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Take Two Interactive 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 Take Two. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Take Two Interactive has no effect on the direction of HUMANA i.e., HUMANA and Take Two go up and down completely randomly.
Pair Corralation between HUMANA and Take Two
Assuming the 90 days trading horizon HUMANA is expected to generate 27.76 times less return on investment than Take Two. But when comparing it to its historical volatility, HUMANA INC is 2.61 times less risky than Take Two. It trades about 0.01 of its potential returns per unit of risk. Take Two Interactive Software is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 16,743 in Take Two Interactive Software on September 3, 2024 and sell it today you would earn a total of 2,095 from holding Take Two Interactive Software or generate 12.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.6% |
| Values | Daily Returns |
HUMANA INC vs. Take Two Interactive Software
Performance |
| Timeline |
| HUMANA INC |
| Take Two Interactive |
HUMANA and Take Two Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Take Two
The main advantage of trading using opposite HUMANA and Take Two positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Take Two 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 Take Two will offset losses from the drop in Take Two's long position.| HUMANA vs. JetBlue Airways Corp | HUMANA vs. Air Transport Services | HUMANA vs. Sun Life Financial | HUMANA vs. Bank of America |
| Take Two vs. Playstudios | Take Two vs. Talkspace | Take Two vs. Katapult Holdings Equity | Take Two 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |