Slope
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Regression analysis and hedge effectiveness.
Slope is a measure of the direction and responsiveness of the statistical relationship between two variables.
In hedge effectiveness testing, it measures how responsively, and in what direction, the value of the hedging instrument tracks the value of the underlying exposure being hedged.
A Slope parameter between negative 0.80 and negative 1.25 is generally considered effective.
Other metrics for hedge effectiveness include R-Squared.
