Correlation Between GE Aerospace and EXPRESS
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By analyzing existing cross correlation between GE Aerospace and EXPRESS SCRIPTS HLDG, you can compare the effects of market volatilities on GE Aerospace and EXPRESS 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 GE Aerospace with a short position of EXPRESS. Check out your portfolio center. Please also check ongoing floating volatility patterns of GE Aerospace and EXPRESS.
Diversification Opportunities for GE Aerospace and EXPRESS
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between GE Aerospace and EXPRESS is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding GE Aerospace and EXPRESS SCRIPTS HLDG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXPRESS SCRIPTS HLDG and GE Aerospace 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 GE Aerospace are associated (or correlated) with EXPRESS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXPRESS SCRIPTS HLDG has no effect on the direction of GE Aerospace i.e., GE Aerospace and EXPRESS go up and down completely randomly.
Pair Corralation between GE Aerospace and EXPRESS
Allowing for the 90-day total investment horizon GE Aerospace is expected to generate 1.82 times more return on investment than EXPRESS. However, GE Aerospace is 1.82 times more volatile than EXPRESS SCRIPTS HLDG. It trades about 0.16 of its potential returns per unit of risk. EXPRESS SCRIPTS HLDG is currently generating about 0.01 per unit of risk. If you would invest 5,118 in GE Aerospace on September 3, 2024 and sell it today you would earn a total of 13,098 from holding GE Aerospace or generate 255.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 92.53% |
| Values | Daily Returns |
GE Aerospace vs. EXPRESS SCRIPTS HLDG
Performance |
| Timeline |
| GE Aerospace |
| EXPRESS SCRIPTS HLDG |
GE Aerospace and EXPRESS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GE Aerospace and EXPRESS
The main advantage of trading using opposite GE Aerospace and EXPRESS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GE Aerospace position performs unexpectedly, EXPRESS 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 EXPRESS will offset losses from the drop in EXPRESS's long position.| GE Aerospace vs. Illinois Tool Works | GE Aerospace vs. Dover | GE Aerospace vs. Cummins | GE Aerospace vs. Eaton PLC |
| EXPRESS vs. Dolphin Entertainment | EXPRESS vs. CF Industries Holdings | EXPRESS vs. Balchem | EXPRESS vs. Sealed Air |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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