This module allows you to analyze existing cross correlation between Edwards Lifesciences Corporation and Express Scripts Holding Company. You can compare the effects of market volatilities on Edwards Lifesciences and Express Scripts 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 Edwards Lifesciences with a short position of Express Scripts. See also your portfolio center
. Please also check ongoing floating volatility patterns of Edwards Lifesciences
and Express Scripts
Edwards Lifesciences Corp. vs Express Scripts Holding Compan
Allowing for the 30-days total investment horizon, Edwards Lifesciences Corporation is expected to generate 0.67 times more return on investment than Express Scripts. However, Edwards Lifesciences Corporation is 1.49 times less risky than Express Scripts. It trades about 0.17 of its potential returns per unit of risk. Express Scripts Holding Company is currently generating about -0.17 per unit of risk. If you would invest 11,046 in Edwards Lifesciences Corporation on September 23, 2017 and sell it today you would earn a total of 393 from holding Edwards Lifesciences Corporation or generate 3.56% return on investment over 30 days.
|Time Period||1 Month [change]|
Overlapping area represents the amount of risk that can be diversified away by holding Edwards Lifesciences Corp. and Express Scripts Holding Compan in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Express Scripts Holding and Edwards Lifesciences 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 Edwards Lifesciences Corporation are associated (or correlated) with Express Scripts. 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 Holding has no effect on the direction of Edwards Lifesciences i.e. Edwards Lifesciences and Express Scripts go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in Edwards Lifesciences Corporation are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.
Over the last 30 days Express Scripts Holding Company has generated negative risk-adjusted returns adding no value to investors with long positions.