Correlation Between PayPal Holdings and EXPRESS
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By analyzing existing cross correlation between PayPal Holdings and EXPRESS SCRIPTS HLDG, you can compare the effects of market volatilities on PayPal Holdings 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 PayPal Holdings with a short position of EXPRESS. Check out your portfolio center. Please also check ongoing floating volatility patterns of PayPal Holdings and EXPRESS.
Diversification Opportunities for PayPal Holdings and EXPRESS
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between PayPal and EXPRESS is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding PayPal Holdings 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 PayPal Holdings 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 PayPal Holdings 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 PayPal Holdings i.e., PayPal Holdings and EXPRESS go up and down completely randomly.
Pair Corralation between PayPal Holdings and EXPRESS
Given the investment horizon of 90 days PayPal Holdings is expected to generate 2.97 times more return on investment than EXPRESS. However, PayPal Holdings is 2.97 times more volatile than EXPRESS SCRIPTS HLDG. It trades about 0.11 of its potential returns per unit of risk. EXPRESS SCRIPTS HLDG is currently generating about -0.13 per unit of risk. If you would invest 8,482 in PayPal Holdings on October 22, 2024 and sell it today you would earn a total of 699.00 from holding PayPal Holdings or generate 8.24% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 97.5% |
Values | Daily Returns |
PayPal Holdings vs. EXPRESS SCRIPTS HLDG
Performance |
Timeline |
PayPal Holdings |
EXPRESS SCRIPTS HLDG |
PayPal Holdings and EXPRESS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with PayPal Holdings and EXPRESS
The main advantage of trading using opposite PayPal Holdings and EXPRESS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PayPal Holdings 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.PayPal Holdings vs. SoFi Technologies | PayPal Holdings vs. Visa Class A | PayPal Holdings vs. Mastercard | PayPal Holdings vs. Capital One Financial |
EXPRESS vs. AEP TEX INC | EXPRESS vs. US BANK NATIONAL | EXPRESS vs. BlueLinx Holdings | EXPRESS vs. Texas Pacific Land |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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