Correlation Between Remitly Global and KIMCO
Specify exactly 2 symbols:
By analyzing existing cross correlation between Remitly Global and KIMCO RLTY P, you can compare the effects of market volatilities on Remitly Global 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 Remitly Global with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Remitly Global and KIMCO.
Diversification Opportunities for Remitly Global and KIMCO
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Remitly and KIMCO is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Remitly Global 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 Remitly Global 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 Remitly Global 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 Remitly Global i.e., Remitly Global and KIMCO go up and down completely randomly.
Pair Corralation between Remitly Global and KIMCO
Given the investment horizon of 90 days Remitly Global is expected to generate 16.66 times more return on investment than KIMCO. However, Remitly Global is 16.66 times more volatile than KIMCO RLTY P. It trades about 0.25 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 2,052 in Remitly Global on September 25, 2024 and sell it today you would earn a total of 212.00 from holding Remitly Global or generate 10.33% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.24% |
Values | Daily Returns |
Remitly Global vs. KIMCO RLTY P
Performance |
Timeline |
Remitly Global |
KIMCO RLTY P |
Remitly Global and KIMCO Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Remitly Global and KIMCO
The main advantage of trading using opposite Remitly Global and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Remitly Global 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.Remitly Global vs. ACI Worldwide | Remitly Global vs. EverCommerce | Remitly Global vs. Global Blue Group | Remitly Global vs. CSG Systems International |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
Fundamental Analysis View fundamental data based on most recent published financial statements | |
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |