Correlation Between HUMANA and ABIVAX Société
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By analyzing existing cross correlation between HUMANA INC and ABIVAX Socit Anonyme, you can compare the effects of market volatilities on HUMANA and ABIVAX Société 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 ABIVAX Société. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and ABIVAX Société.
Diversification Opportunities for HUMANA and ABIVAX Société
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and ABIVAX is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and ABIVAX Socit Anonyme in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ABIVAX Socit Anonyme 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 ABIVAX Société. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ABIVAX Socit Anonyme has no effect on the direction of HUMANA i.e., HUMANA and ABIVAX Société go up and down completely randomly.
Pair Corralation between HUMANA and ABIVAX Société
If you would invest 7,872 in HUMANA INC on March 4, 2024 and sell it today you would earn a total of 224.00 from holding HUMANA INC or generate 2.85% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.45% |
Values | Daily Returns |
HUMANA INC vs. ABIVAX Socit Anonyme
Performance |
Timeline |
HUMANA INC |
ABIVAX Socit Anonyme |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
HUMANA and ABIVAX Société Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and ABIVAX Société
The main advantage of trading using opposite HUMANA and ABIVAX Société positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, ABIVAX Société 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 ABIVAX Société will offset losses from the drop in ABIVAX Société's long position.HUMANA vs. AEP TEX INC | HUMANA vs. US BANK NATIONAL | HUMANA vs. KNOT Offshore Partners | HUMANA vs. Blue Sphere Corp |
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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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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