Correlation Between Kymera Therapeutics and HUMANA
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By analyzing existing cross correlation between Kymera Therapeutics and HUMANA INC, you can compare the effects of market volatilities on Kymera Therapeutics and HUMANA 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 Kymera Therapeutics with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kymera Therapeutics and HUMANA.
Diversification Opportunities for Kymera Therapeutics and HUMANA
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Kymera and HUMANA is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Kymera Therapeutics and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Kymera Therapeutics 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 Kymera Therapeutics are associated (or correlated) with HUMANA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUMANA INC has no effect on the direction of Kymera Therapeutics i.e., Kymera Therapeutics and HUMANA go up and down completely randomly.
Pair Corralation between Kymera Therapeutics and HUMANA
Given the investment horizon of 90 days Kymera Therapeutics is expected to under-perform the HUMANA. In addition to that, Kymera Therapeutics is 2.68 times more volatile than HUMANA INC. It trades about -0.14 of its total potential returns per unit of risk. HUMANA INC is currently generating about 0.03 per unit of volatility. If you would invest 7,961 in HUMANA INC on March 4, 2024 and sell it today you would earn a total of 135.00 from holding HUMANA INC or generate 1.7% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 98.44% |
Values | Daily Returns |
Kymera Therapeutics vs. HUMANA INC
Performance |
Timeline |
Kymera Therapeutics |
HUMANA INC |
Kymera Therapeutics and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kymera Therapeutics and HUMANA
The main advantage of trading using opposite Kymera Therapeutics and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kymera Therapeutics position performs unexpectedly, HUMANA 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 HUMANA will offset losses from the drop in HUMANA's long position.Kymera Therapeutics vs. Foghorn TherapeuticsInc | Kymera Therapeutics vs. Shattuck LabsInc | Kymera Therapeutics vs. Monte Rosa Therapeutics | Kymera Therapeutics vs. Nurix TherapeuticsInc |
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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