Correlation Between Independence Realty and EXPEDIA
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By analyzing existing cross correlation between Independence Realty Trust and EXPEDIA INC, you can compare the effects of market volatilities on Independence Realty and EXPEDIA 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 Independence Realty with a short position of EXPEDIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Independence Realty and EXPEDIA.
Diversification Opportunities for Independence Realty and EXPEDIA
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Independence and EXPEDIA is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Independence Realty Trust and EXPEDIA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXPEDIA INC and Independence Realty 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 Independence Realty Trust are associated (or correlated) with EXPEDIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXPEDIA INC has no effect on the direction of Independence Realty i.e., Independence Realty and EXPEDIA go up and down completely randomly.
Pair Corralation between Independence Realty and EXPEDIA
Considering the 90-day investment horizon Independence Realty Trust is expected to generate 2.21 times more return on investment than EXPEDIA. However, Independence Realty is 2.21 times more volatile than EXPEDIA INC. It trades about 0.57 of its potential returns per unit of risk. EXPEDIA INC is currently generating about -0.03 per unit of risk. If you would invest 1,906 in Independence Realty Trust on September 2, 2024 and sell it today you would earn a total of 278.00 from holding Independence Realty Trust or generate 14.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Independence Realty Trust vs. EXPEDIA INC
Performance |
| Timeline |
| Independence Realty Trust |
| EXPEDIA INC |
Independence Realty and EXPEDIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Independence Realty and EXPEDIA
The main advantage of trading using opposite Independence Realty and EXPEDIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Independence Realty position performs unexpectedly, EXPEDIA 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 EXPEDIA will offset losses from the drop in EXPEDIA's long position.| Independence Realty vs. Apartment Investment and | Independence Realty vs. Clipper Realty | Independence Realty vs. BRT Realty Trust | Independence Realty vs. UDR Inc |
| EXPEDIA vs. Independence Realty Trust | EXPEDIA vs. Ecovyst | EXPEDIA vs. Balchem | EXPEDIA vs. Axalta Coating Systems |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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