Correlation Between EXPRESS and Dolphin Entertainment
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By analyzing existing cross correlation between EXPRESS SCRIPTS HLDG and Dolphin Entertainment, you can compare the effects of market volatilities on EXPRESS and Dolphin Entertainment 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 EXPRESS with a short position of Dolphin Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of EXPRESS and Dolphin Entertainment.
Diversification Opportunities for EXPRESS and Dolphin Entertainment
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between EXPRESS and Dolphin is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding EXPRESS SCRIPTS HLDG and Dolphin Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dolphin Entertainment and EXPRESS 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 EXPRESS SCRIPTS HLDG are associated (or correlated) with Dolphin Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dolphin Entertainment has no effect on the direction of EXPRESS i.e., EXPRESS and Dolphin Entertainment go up and down completely randomly.
Pair Corralation between EXPRESS and Dolphin Entertainment
Assuming the 90 days trading horizon EXPRESS SCRIPTS HLDG is expected to generate 0.21 times more return on investment than Dolphin Entertainment. However, EXPRESS SCRIPTS HLDG is 4.68 times less risky than Dolphin Entertainment. It trades about 0.01 of its potential returns per unit of risk. Dolphin Entertainment is currently generating about -0.03 per unit of risk. If you would invest 9,411 in EXPRESS SCRIPTS HLDG on September 4, 2024 and sell it today you would earn a total of 61.00 from holding EXPRESS SCRIPTS HLDG or generate 0.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 92.32% |
| Values | Daily Returns |
EXPRESS SCRIPTS HLDG vs. Dolphin Entertainment
Performance |
| Timeline |
| EXPRESS SCRIPTS HLDG |
| Dolphin Entertainment |
EXPRESS and Dolphin Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EXPRESS and Dolphin Entertainment
The main advantage of trading using opposite EXPRESS and Dolphin Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EXPRESS position performs unexpectedly, Dolphin Entertainment 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 Dolphin Entertainment will offset losses from the drop in Dolphin Entertainment's long position.The idea behind EXPRESS SCRIPTS HLDG and Dolphin Entertainment pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Dolphin Entertainment vs. Hall of Fame | Dolphin Entertainment vs. Wisekey International Holding | Dolphin Entertainment vs. Oriental Culture Holding |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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