Correlation Between Goosehead Insurance and KIMCO
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By analyzing existing cross correlation between Goosehead Insurance and KIMCO RLTY P, you can compare the effects of market volatilities on Goosehead Insurance 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 Goosehead Insurance with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goosehead Insurance and KIMCO.
Diversification Opportunities for Goosehead Insurance and KIMCO
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Goosehead and KIMCO is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Goosehead Insurance 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 Goosehead Insurance 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 Goosehead Insurance 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 Goosehead Insurance i.e., Goosehead Insurance and KIMCO go up and down completely randomly.
Pair Corralation between Goosehead Insurance and KIMCO
Given the investment horizon of 90 days Goosehead Insurance is expected to generate 1.04 times more return on investment than KIMCO. However, Goosehead Insurance is 1.04 times more volatile than KIMCO RLTY P. It trades about 0.11 of its potential returns per unit of risk. KIMCO RLTY P is currently generating about -0.03 per unit of risk. If you would invest 8,109 in Goosehead Insurance on November 3, 2024 and sell it today you would earn a total of 2,608 from holding Goosehead Insurance or generate 32.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 32.8% |
| Values | Daily Returns |
Goosehead Insurance vs. KIMCO RLTY P
Performance |
| Timeline |
| Goosehead Insurance |
| KIMCO RLTY P |
Goosehead Insurance and KIMCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goosehead Insurance and KIMCO
The main advantage of trading using opposite Goosehead Insurance and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goosehead Insurance 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.| Goosehead Insurance vs. Enstar Group Limited | Goosehead Insurance vs. Waterdrop ADR | Goosehead Insurance vs. Axa Equitable Holdings | Goosehead Insurance vs. Hartford Financial Services |
| KIMCO vs. Park Ohio Holdings | KIMCO vs. Cimpress NV | KIMCO vs. Jacobs Solutions | KIMCO vs. Tritent International Agriculture |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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