Correlation Between Immolease Trust and Shurgard Self
Can any of the company-specific risk be diversified away by investing in both Immolease Trust and Shurgard Self at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Immolease Trust and Shurgard Self into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Immolease Trust NV and Shurgard Self Storage, you can compare the effects of market volatilities on Immolease Trust and Shurgard Self 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 Immolease Trust with a short position of Shurgard Self. Check out your portfolio center. Please also check ongoing floating volatility patterns of Immolease Trust and Shurgard Self.
Diversification Opportunities for Immolease Trust and Shurgard Self
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Immolease and Shurgard is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Immolease Trust NV and Shurgard Self Storage in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shurgard Self Storage and Immolease Trust 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 Immolease Trust NV are associated (or correlated) with Shurgard Self. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shurgard Self Storage has no effect on the direction of Immolease Trust i.e., Immolease Trust and Shurgard Self go up and down completely randomly.
Pair Corralation between Immolease Trust and Shurgard Self
Assuming the 90 days trading horizon Immolease Trust NV is expected to under-perform the Shurgard Self. In addition to that, Immolease Trust is 1.14 times more volatile than Shurgard Self Storage. It trades about -0.09 of its total potential returns per unit of risk. Shurgard Self Storage is currently generating about 0.01 per unit of volatility. If you would invest 3,532 in Shurgard Self Storage on November 3, 2024 and sell it today you would earn a total of 48.00 from holding Shurgard Self Storage or generate 1.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 60.63% |
| Values | Daily Returns |
Immolease Trust NV vs. Shurgard Self Storage
Performance |
| Timeline |
| Immolease Trust NV |
| Shurgard Self Storage |
Immolease Trust and Shurgard Self Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Immolease Trust and Shurgard Self
The main advantage of trading using opposite Immolease Trust and Shurgard Self positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Immolease Trust position performs unexpectedly, Shurgard Self 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 Shurgard Self will offset losses from the drop in Shurgard Self's long position.| Immolease Trust vs. Immobiliere Distri Land NV | Immolease Trust vs. Immobel | Immolease Trust vs. Accentis |
| Shurgard Self vs. VGP NV | Shurgard Self vs. Warehouses de Pauw | Shurgard Self vs. Xior Student Housing | Shurgard Self vs. Aedifica |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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