Correlation Between Consol Energy and KIMCO
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By analyzing existing cross correlation between Consol Energy and KIMCO RLTY P, you can compare the effects of market volatilities on Consol Energy 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 Consol Energy with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Consol Energy and KIMCO.
Diversification Opportunities for Consol Energy and KIMCO
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Consol and KIMCO is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Consol Energy 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 Consol Energy 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 Consol Energy 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 Consol Energy i.e., Consol Energy and KIMCO go up and down completely randomly.
Pair Corralation between Consol Energy and KIMCO
Given the investment horizon of 90 days Consol Energy is expected to under-perform the KIMCO. In addition to that, Consol Energy is 3.02 times more volatile than KIMCO RLTY P. It trades about -0.17 of its total potential returns per unit of risk. KIMCO RLTY P is currently generating about -0.23 per unit of volatility. If you would invest 9,955 in KIMCO RLTY P on September 13, 2024 and sell it today you would lose (334.00) from holding KIMCO RLTY P or give up 3.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Consol Energy vs. KIMCO RLTY P
Performance |
| Timeline |
| Consol Energy |
| KIMCO RLTY P |
Consol Energy and KIMCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Consol Energy and KIMCO
The main advantage of trading using opposite Consol Energy and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Consol Energy 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.| Consol Energy vs. Alliance Resource Partners | Consol Energy vs. Natural Resource Partners | Consol Energy vs. Hallador Energy | Consol Energy vs. NACCO Industries |
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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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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