Correlation Between Kite Realty and ALTICE

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Can any of the company-specific risk be diversified away by investing in both Kite Realty and ALTICE 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 Kite Realty and ALTICE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kite Realty Group and ALTICE FRANCE S, you can compare the effects of market volatilities on Kite Realty and ALTICE 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 Kite Realty with a short position of ALTICE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kite Realty and ALTICE.

Diversification Opportunities for Kite Realty and ALTICE

0.44
  Correlation Coefficient

Very weak diversification

The 3 months correlation between Kite and ALTICE is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Kite Realty Group and ALTICE FRANCE S in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALTICE FRANCE S and Kite 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 Kite Realty Group are associated (or correlated) with ALTICE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALTICE FRANCE S has no effect on the direction of Kite Realty i.e., Kite Realty and ALTICE go up and down completely randomly.

Pair Corralation between Kite Realty and ALTICE

Considering the 90-day investment horizon Kite Realty Group is expected to generate 0.6 times more return on investment than ALTICE. However, Kite Realty Group is 1.67 times less risky than ALTICE. It trades about 0.09 of its potential returns per unit of risk. ALTICE FRANCE S is currently generating about 0.0 per unit of risk. If you would invest  2,095  in Kite Realty Group on September 2, 2024 and sell it today you would earn a total of  662.00  from holding Kite Realty Group or generate 31.6% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy71.77%
ValuesDaily Returns

Kite Realty Group  vs.  ALTICE FRANCE S

 Performance 
       Timeline  
Kite Realty Group 

Risk-Adjusted Performance

9 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in Kite Realty Group are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Despite nearly unsteady basic indicators, Kite Realty may actually be approaching a critical reversion point that can send shares even higher in January 2025.
ALTICE FRANCE S 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days ALTICE FRANCE S has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, ALTICE is not utilizing all of its potentials. The recent stock price disturbance, may contribute to short-term losses for the investors.

Kite Realty and ALTICE Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Kite Realty and ALTICE

The main advantage of trading using opposite Kite Realty and ALTICE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kite Realty position performs unexpectedly, ALTICE 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 ALTICE will offset losses from the drop in ALTICE's long position.
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The idea behind Kite Realty Group and ALTICE FRANCE S 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.
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.

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