Correlation Between Expensify and LOPX
Can any of the company-specific risk be diversified away by investing in both Expensify and LOPX 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 Expensify and LOPX into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Expensify and LOPX, you can compare the effects of market volatilities on Expensify and LOPX 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 Expensify with a short position of LOPX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Expensify and LOPX.
Diversification Opportunities for Expensify and LOPX
Pay attention - limited upside
The 3 months correlation between Expensify and LOPX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Expensify and LOPX in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOPX and Expensify 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 Expensify are associated (or correlated) with LOPX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOPX has no effect on the direction of Expensify i.e., Expensify and LOPX go up and down completely randomly.
Pair Corralation between Expensify and LOPX
If you would invest (100.00) in LOPX on January 25, 2024 and sell it today you would earn a total of 100.00 from holding LOPX or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Expensify vs. LOPX
Performance |
Timeline |
Expensify |
LOPX |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Expensify and LOPX Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Expensify and LOPX
The main advantage of trading using opposite Expensify and LOPX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Expensify position performs unexpectedly, LOPX 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 LOPX will offset losses from the drop in LOPX's long position.Expensify vs. Clearwater Analytics Holdings | Expensify vs. Sprinklr | Expensify vs. Alkami Technology | Expensify vs. Vertex |
LOPX vs. Vanguard Mid Cap Value | LOPX vs. Vanguard Small Cap Growth | LOPX vs. Vanguard Value Index | LOPX vs. Vanguard Small Cap Index |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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