Correlation Between Funko and KIMCO
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By analyzing existing cross correlation between Funko Inc and KIMCO RLTY P, you can compare the effects of market volatilities on Funko 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 Funko with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Funko and KIMCO.
Diversification Opportunities for Funko and KIMCO
Modest diversification
The 3 months correlation between Funko and KIMCO is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Funko Inc 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 Funko 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 Funko Inc 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 Funko i.e., Funko and KIMCO go up and down completely randomly.
Pair Corralation between Funko and KIMCO
Given the investment horizon of 90 days Funko Inc is expected to generate 0.75 times more return on investment than KIMCO. However, Funko Inc is 1.34 times less risky than KIMCO. It trades about 0.21 of its potential returns per unit of risk. KIMCO RLTY P is currently generating about -0.15 per unit of risk. If you would invest 1,051 in Funko Inc on September 13, 2024 and sell it today you would earn a total of 99.00 from holding Funko Inc or generate 9.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 52.38% |
| Values | Daily Returns |
Funko Inc vs. KIMCO RLTY P
Performance |
| Timeline |
| Funko Inc |
| KIMCO RLTY P |
Funko and KIMCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Funko and KIMCO
The main advantage of trading using opposite Funko and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Funko 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.The idea behind Funko Inc and KIMCO RLTY P pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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