Correlation Between Jeld Wen and EXPRESS
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By analyzing existing cross correlation between Jeld Wen Holding and EXPRESS SCRIPTS HLDG, you can compare the effects of market volatilities on Jeld Wen 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 Jeld Wen with a short position of EXPRESS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jeld Wen and EXPRESS.
Diversification Opportunities for Jeld Wen and EXPRESS
Very weak diversification
The 3 months correlation between Jeld and EXPRESS is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Jeld Wen Holding 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 Jeld Wen 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 Jeld Wen Holding 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 Jeld Wen i.e., Jeld Wen and EXPRESS go up and down completely randomly.
Pair Corralation between Jeld Wen and EXPRESS
Given the investment horizon of 90 days Jeld Wen Holding is expected to under-perform the EXPRESS. In addition to that, Jeld Wen is 2.66 times more volatile than EXPRESS SCRIPTS HLDG. It trades about -0.1 of its total potential returns per unit of risk. EXPRESS SCRIPTS HLDG is currently generating about -0.17 per unit of volatility. If you would invest 9,593 in EXPRESS SCRIPTS HLDG on September 12, 2024 and sell it today you would lose (308.00) from holding EXPRESS SCRIPTS HLDG or give up 3.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Jeld Wen Holding vs. EXPRESS SCRIPTS HLDG
Performance |
| Timeline |
| Jeld Wen Holding |
| EXPRESS SCRIPTS HLDG |
Jeld Wen and EXPRESS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jeld Wen and EXPRESS
The main advantage of trading using opposite Jeld Wen and EXPRESS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jeld Wen 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.| Jeld Wen vs. Gibraltar Industries | Jeld Wen vs. Quanex Building Products | Jeld Wen vs. Perma Pipe International Holdings | Jeld Wen vs. Interface |
| EXPRESS vs. AEP TEX INC | EXPRESS vs. US BANK NATIONAL | EXPRESS vs. Applied Blockchain | EXPRESS vs. BigBearai Holdings |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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