Correlation Between 00108WAF7 and EXPRESS
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By analyzing existing cross correlation between AEP TEX INC and EXPRESS SCRIPTS HLDG, you can compare the effects of market volatilities on 00108WAF7 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 00108WAF7 with a short position of EXPRESS. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00108WAF7 and EXPRESS.
Diversification Opportunities for 00108WAF7 and EXPRESS
Good diversification
The 3 months correlation between 00108WAF7 and EXPRESS is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding AEP TEX INC 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 00108WAF7 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 AEP TEX INC 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 00108WAF7 i.e., 00108WAF7 and EXPRESS go up and down completely randomly.
Pair Corralation between 00108WAF7 and EXPRESS
Assuming the 90 days trading horizon AEP TEX INC is expected to generate 146.05 times more return on investment than EXPRESS. However, 00108WAF7 is 146.05 times more volatile than EXPRESS SCRIPTS HLDG. It trades about 0.13 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 7,882 in AEP TEX INC on September 3, 2024 and sell it today you would earn a total of 339.00 from holding AEP TEX INC or generate 4.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 68.12% |
| Values | Daily Returns |
AEP TEX INC vs. EXPRESS SCRIPTS HLDG
Performance |
| Timeline |
| AEP TEX INC |
| EXPRESS SCRIPTS HLDG |
00108WAF7 and EXPRESS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 00108WAF7 and EXPRESS
The main advantage of trading using opposite 00108WAF7 and EXPRESS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00108WAF7 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.| 00108WAF7 vs. Universal Music Group | 00108WAF7 vs. Pool Corporation | 00108WAF7 vs. Under Armour C | 00108WAF7 vs. Figs Inc |
| 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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