Correlation Between Simon Property and FREEPORT
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By analyzing existing cross correlation between Simon Property Group and FREEPORT MCMORAN INC 4375, you can compare the effects of market volatilities on Simon Property and FREEPORT 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 Simon Property with a short position of FREEPORT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Simon Property and FREEPORT.
Diversification Opportunities for Simon Property and FREEPORT
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Simon and FREEPORT is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Simon Property Group and FREEPORT MCMORAN INC 4375 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FREEPORT MCMORAN INC and Simon Property 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 Simon Property Group are associated (or correlated) with FREEPORT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FREEPORT MCMORAN INC has no effect on the direction of Simon Property i.e., Simon Property and FREEPORT go up and down completely randomly.
Pair Corralation between Simon Property and FREEPORT
Considering the 90-day investment horizon Simon Property Group is expected to generate 1.76 times more return on investment than FREEPORT. However, Simon Property is 1.76 times more volatile than FREEPORT MCMORAN INC 4375. It trades about 0.05 of its potential returns per unit of risk. FREEPORT MCMORAN INC 4375 is currently generating about -0.16 per unit of risk. If you would invest 16,857 in Simon Property Group on September 25, 2024 and sell it today you would earn a total of 369.00 from holding Simon Property Group or generate 2.19% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Simon Property Group vs. FREEPORT MCMORAN INC 4375
Performance |
Timeline |
Simon Property Group |
FREEPORT MCMORAN INC |
Simon Property and FREEPORT Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Simon Property and FREEPORT
The main advantage of trading using opposite Simon Property and FREEPORT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Simon Property position performs unexpectedly, FREEPORT 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 FREEPORT will offset losses from the drop in FREEPORT's long position.Simon Property vs. Rithm Property Trust | Simon Property vs. Site Centers Corp | Simon Property vs. Retail Opportunity Investments | Simon Property vs. Inventrust Properties Corp |
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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