Correlation Between Topbuild Corp and KIMCO
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By analyzing existing cross correlation between Topbuild Corp and KIMCO RLTY P, you can compare the effects of market volatilities on Topbuild Corp 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 Topbuild Corp with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Topbuild Corp and KIMCO.
Diversification Opportunities for Topbuild Corp and KIMCO
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Topbuild and KIMCO is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Topbuild Corp 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 Topbuild Corp 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 Topbuild Corp 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 Topbuild Corp i.e., Topbuild Corp and KIMCO go up and down completely randomly.
Pair Corralation between Topbuild Corp and KIMCO
Considering the 90-day investment horizon Topbuild Corp is expected to generate 4.24 times more return on investment than KIMCO. However, Topbuild Corp is 4.24 times more volatile than KIMCO RLTY P. It trades about 0.0 of its potential returns per unit of risk. KIMCO RLTY P is currently generating about -0.23 per unit of risk. If you would invest 37,041 in Topbuild Corp on September 12, 2024 and sell it today you would lose (407.00) from holding Topbuild Corp or give up 1.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Topbuild Corp vs. KIMCO RLTY P
Performance |
| Timeline |
| Topbuild Corp |
| KIMCO RLTY P |
Topbuild Corp and KIMCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Topbuild Corp and KIMCO
The main advantage of trading using opposite Topbuild Corp and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Topbuild Corp 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.| Topbuild Corp vs. Api Group Corp | Topbuild Corp vs. MYR Group | Topbuild Corp vs. Comfort Systems USA | Topbuild Corp vs. Construction Partners |
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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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