Correlation Between ConnectOne Bancorp and KIMCO
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By analyzing existing cross correlation between ConnectOne Bancorp and KIMCO RLTY P, you can compare the effects of market volatilities on ConnectOne Bancorp and KIMCO 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 ConnectOne Bancorp with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of ConnectOne Bancorp and KIMCO.
Diversification Opportunities for ConnectOne Bancorp and KIMCO
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ConnectOne and KIMCO is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding ConnectOne Bancorp and KIMCO RLTY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KIMCO RLTY P and ConnectOne Bancorp 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 ConnectOne Bancorp are associated (or correlated) with KIMCO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KIMCO RLTY P has no effect on the direction of ConnectOne Bancorp i.e., ConnectOne Bancorp and KIMCO go up and down completely randomly.
Pair Corralation between ConnectOne Bancorp and KIMCO
Assuming the 90 days horizon ConnectOne Bancorp is expected to generate 3.3 times more return on investment than KIMCO. However, ConnectOne Bancorp is 3.3 times more volatile than KIMCO RLTY P. It trades about 0.06 of its potential returns per unit of risk. KIMCO RLTY P is currently generating about 0.01 per unit of risk. If you would invest 2,216 in ConnectOne Bancorp on September 25, 2024 and sell it today you would earn a total of 10.00 from holding ConnectOne Bancorp or generate 0.45% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
ConnectOne Bancorp vs. KIMCO RLTY P
Performance |
Timeline |
ConnectOne Bancorp |
KIMCO RLTY P |
ConnectOne Bancorp and KIMCO Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ConnectOne Bancorp and KIMCO
The main advantage of trading using opposite ConnectOne Bancorp and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ConnectOne Bancorp position performs unexpectedly, KIMCO 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 KIMCO will offset losses from the drop in KIMCO's long position.ConnectOne Bancorp vs. Washington Federal | ConnectOne Bancorp vs. CNB Financial | ConnectOne Bancorp vs. First Guaranty Bancshares | ConnectOne Bancorp vs. Texas Capital Bancshares |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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