Correlation Between Kimco Realty and Thrivent High
Can any of the company-specific risk be diversified away by investing in both Kimco Realty and Thrivent High 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 Kimco Realty and Thrivent High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kimco Realty and Thrivent High Yield, you can compare the effects of market volatilities on Kimco Realty and Thrivent High 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 Kimco Realty with a short position of Thrivent High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kimco Realty and Thrivent High.
Diversification Opportunities for Kimco Realty and Thrivent High
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kimco and Thrivent is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Kimco Realty and Thrivent High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thrivent High Yield and Kimco 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 Kimco Realty are associated (or correlated) with Thrivent High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thrivent High Yield has no effect on the direction of Kimco Realty i.e., Kimco Realty and Thrivent High go up and down completely randomly.
Pair Corralation between Kimco Realty and Thrivent High
Assuming the 90 days trading horizon Kimco Realty is expected to under-perform the Thrivent High. In addition to that, Kimco Realty is 5.55 times more volatile than Thrivent High Yield. It trades about -0.01 of its total potential returns per unit of risk. Thrivent High Yield is currently generating about 0.23 per unit of volatility. If you would invest 420.00 in Thrivent High Yield on October 21, 2024 and sell it today you would earn a total of 4.00 from holding Thrivent High Yield or generate 0.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kimco Realty vs. Thrivent High Yield
Performance |
| Timeline |
| Kimco Realty |
| Thrivent High Yield |
Kimco Realty and Thrivent High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kimco Realty and Thrivent High
The main advantage of trading using opposite Kimco Realty and Thrivent High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kimco Realty position performs unexpectedly, Thrivent High 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 Thrivent High will offset losses from the drop in Thrivent High's long position.| Kimco Realty vs. Cedar Realty Trust | Kimco Realty vs. Saul Centers | Kimco Realty vs. Kimco Realty | Kimco Realty vs. Simon Property Group |
| Thrivent High vs. Thrivent Limited Maturity | Thrivent High vs. Thrivent Income Fund | Thrivent High vs. Thrivent Large Cap | Thrivent High vs. Thrivent Large Cap |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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