Correlation Between Benefytt Technologies and Express Scripts
Can any of the company-specific risk be diversified away by investing in both Benefytt Technologies and Express Scripts 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 Benefytt Technologies and Express Scripts into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Benefytt Technologies and Express Scripts Holding, you can compare the effects of market volatilities on Benefytt Technologies 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 Benefytt Technologies with a short position of Express Scripts. Check out your portfolio center. Please also check ongoing floating volatility patterns of Benefytt Technologies and Express Scripts.
Diversification Opportunities for Benefytt Technologies and Express Scripts
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Benefytt and Express is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Benefytt Technologies and Express Scripts Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Express Scripts Holding and Benefytt Technologies 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 Benefytt Technologies 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 Benefytt Technologies i.e., Benefytt Technologies and Express Scripts go up and down completely randomly.
Pair Corralation between Benefytt Technologies and Express Scripts
If you would invest (100.00) in Express Scripts Holding on January 20, 2024 and sell it today you would earn a total of 100.00 from holding Express Scripts Holding or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Benefytt Technologies vs. Express Scripts Holding
Performance |
| Timeline |
| Benefytt Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Express Scripts Holding |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Benefytt Technologies and Express Scripts Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Benefytt Technologies and Express Scripts
The main advantage of trading using opposite Benefytt Technologies and Express Scripts positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Benefytt Technologies position performs unexpectedly, Express Scripts 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 Scripts will offset losses from the drop in Express Scripts' long position.| Benefytt Technologies vs. Kaiser Aluminum | Benefytt Technologies vs. Kenon Holdings | Benefytt Technologies vs. Vistra Energy Corp | Benefytt Technologies vs. Flexible Solutions International |
| Express Scripts vs. Eastman Chemical | Express Scripts vs. Sensient Technologies | Express Scripts vs. Luxfer Holdings PLC | Express Scripts vs. Ecovyst |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |