Correlation Between Apex Global and Express
Can any of the company-specific risk be diversified away by investing in both Apex Global and Express at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Apex Global and Express into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apex Global Brands and Express, you can compare the effects of market volatilities on Apex Global 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 Apex Global with a short position of Express. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apex Global and Express.
Diversification Opportunities for Apex Global and Express
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Apex and Express is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Apex Global Brands and Express in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Express and Apex Global 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 Apex Global Brands 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 has no effect on the direction of Apex Global i.e., Apex Global and Express go up and down completely randomly.
Pair Corralation between Apex Global and Express
If you would invest 160.00 in Express on January 26, 2024 and sell it today you would earn a total of 0.00 from holding Express or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Apex Global Brands vs. Express
Performance |
Timeline |
Apex Global Brands |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Express |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Apex Global and Express Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Apex Global and Express
The main advantage of trading using opposite Apex Global and Express positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apex Global 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' long position.Apex Global vs. Luxfer Holdings PLC | Apex Global vs. Park Electrochemical | Apex Global vs. Valhi Inc | Apex Global vs. Renesas Electronics |
Express vs. Koss Corporation | Express vs. BlackBerry | Express vs. Castor Maritime | Express vs. Clover Health Investments |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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