Correlation Between HUMANA and AltC Acquisition
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By analyzing existing cross correlation between HUMANA INC and AltC Acquisition Corp, you can compare the effects of market volatilities on HUMANA and AltC Acquisition 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 AltC Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and AltC Acquisition.
Diversification Opportunities for HUMANA and AltC Acquisition
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between HUMANA and AltC is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and AltC Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AltC Acquisition Corp 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 AltC Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AltC Acquisition Corp has no effect on the direction of HUMANA i.e., HUMANA and AltC Acquisition go up and down completely randomly.
Pair Corralation between HUMANA and AltC Acquisition
Assuming the 90 days trading horizon HUMANA is expected to generate 102.04 times less return on investment than AltC Acquisition. But when comparing it to its historical volatility, HUMANA INC is 5.82 times less risky than AltC Acquisition. It trades about 0.01 of its potential returns per unit of risk. AltC Acquisition Corp is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 1,080 in AltC Acquisition Corp on March 14, 2024 and sell it today you would earn a total of 743.00 from holding AltC Acquisition Corp or generate 68.8% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 67.21% |
Values | Daily Returns |
HUMANA INC vs. AltC Acquisition Corp
Performance |
Timeline |
HUMANA INC |
AltC Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
HUMANA and AltC Acquisition Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HUMANA and AltC Acquisition
The main advantage of trading using opposite HUMANA and AltC Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, AltC Acquisition 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 AltC Acquisition will offset losses from the drop in AltC Acquisition's long position.HUMANA vs. AEP TEX INC | HUMANA vs. US BANK NATIONAL | HUMANA vs. Boston Scientific Corp | HUMANA vs. Office Properties Income |
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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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