Correlation Between Kite Realty and NSTAR
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By analyzing existing cross correlation between Kite Realty Group and NSTAR ELEC 44, you can compare the effects of market volatilities on Kite Realty and NSTAR 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 NSTAR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kite Realty and NSTAR.
Diversification Opportunities for Kite Realty and NSTAR
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kite and NSTAR is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Kite Realty Group and NSTAR ELEC 44 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NSTAR ELEC 44 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 NSTAR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NSTAR ELEC 44 has no effect on the direction of Kite Realty i.e., Kite Realty and NSTAR go up and down completely randomly.
Pair Corralation between Kite Realty and NSTAR
Considering the 90-day investment horizon Kite Realty Group is expected to under-perform the NSTAR. In addition to that, Kite Realty is 1.0 times more volatile than NSTAR ELEC 44. It trades about -0.09 of its total potential returns per unit of risk. NSTAR ELEC 44 is currently generating about 0.47 per unit of volatility. If you would invest 8,665 in NSTAR ELEC 44 on September 13, 2024 and sell it today you would earn a total of 230.00 from holding NSTAR ELEC 44 or generate 2.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 27.27% |
| Values | Daily Returns |
Kite Realty Group vs. NSTAR ELEC 44
Performance |
| Timeline |
| Kite Realty Group |
| NSTAR ELEC 44 |
Kite Realty and NSTAR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kite Realty and NSTAR
The main advantage of trading using opposite Kite Realty and NSTAR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kite Realty position performs unexpectedly, NSTAR 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 NSTAR will offset losses from the drop in NSTAR's long position.| Kite Realty vs. Site Centers Corp | Kite Realty vs. CBL Associates Properties | Kite Realty vs. Urban Edge Properties | Kite Realty vs. Acadia Realty Trust |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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