Correlation Between NYSE Composite and KIMCO
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By analyzing existing cross correlation between NYSE Composite and KIMCO RLTY P, you can compare the effects of market volatilities on NYSE Composite 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 NYSE Composite with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and KIMCO.
Diversification Opportunities for NYSE Composite and KIMCO
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between NYSE and KIMCO is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite 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 NYSE Composite 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 NYSE Composite 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 NYSE Composite i.e., NYSE Composite and KIMCO go up and down completely randomly.
Pair Corralation between NYSE Composite and KIMCO
Assuming the 90 days trading horizon NYSE Composite is expected to generate 1.72 times more return on investment than KIMCO. However, NYSE Composite is 1.72 times more volatile than KIMCO RLTY P. It trades about 0.08 of its potential returns per unit of risk. KIMCO RLTY P is currently generating about 0.05 per unit of risk. If you would invest 1,802,650 in NYSE Composite on September 26, 2024 and sell it today you would earn a total of 131,498 from holding NYSE Composite or generate 7.29% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 93.6% |
Values | Daily Returns |
NYSE Composite vs. KIMCO RLTY P
Performance |
Timeline |
NYSE Composite and KIMCO Volatility Contrast
Predicted Return Density |
Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
KIMCO RLTY P
Pair trading matchups for KIMCO
Pair Trading with NYSE Composite and KIMCO
The main advantage of trading using opposite NYSE Composite and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite 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.NYSE Composite vs. National CineMedia | NYSE Composite vs. BCE Inc | NYSE Composite vs. Zhihu Inc ADR | NYSE Composite vs. Western Midstream Partners |
KIMCO vs. Chester Mining | KIMCO vs. AerSale Corp | KIMCO vs. Papaya Growth Opportunity | KIMCO vs. Insteel Industries |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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