Correlation Between Kite Realty and TRANSCANADA
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By analyzing existing cross correlation between Kite Realty Group and TRANSCANADA PIPELINES LTD, you can compare the effects of market volatilities on Kite Realty and TRANSCANADA 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 TRANSCANADA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kite Realty and TRANSCANADA.
Diversification Opportunities for Kite Realty and TRANSCANADA
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Kite and TRANSCANADA is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Kite Realty Group and TRANSCANADA PIPELINES LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRANSCANADA PIPELINES LTD 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 TRANSCANADA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRANSCANADA PIPELINES LTD has no effect on the direction of Kite Realty i.e., Kite Realty and TRANSCANADA go up and down completely randomly.
Pair Corralation between Kite Realty and TRANSCANADA
Considering the 90-day investment horizon Kite Realty Group is expected to generate 1.01 times more return on investment than TRANSCANADA. However, Kite Realty is 1.01 times more volatile than TRANSCANADA PIPELINES LTD. It trades about 0.35 of its potential returns per unit of risk. TRANSCANADA PIPELINES LTD is currently generating about 0.06 per unit of risk. If you would invest 2,574 in Kite Realty Group on August 30, 2024 and sell it today you would earn a total of 206.00 from holding Kite Realty Group or generate 8.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kite Realty Group vs. TRANSCANADA PIPELINES LTD
Performance |
| Timeline |
| Kite Realty Group |
| TRANSCANADA PIPELINES LTD |
Kite Realty and TRANSCANADA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kite Realty and TRANSCANADA
The main advantage of trading using opposite Kite Realty and TRANSCANADA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kite Realty position performs unexpectedly, TRANSCANADA 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 TRANSCANADA will offset losses from the drop in TRANSCANADA's long position.| Kite Realty vs. Saul Centers | Kite Realty vs. Site Centers Corp | Kite Realty vs. Acadia Realty Trust | Kite Realty vs. Inventrust Properties Corp |
| TRANSCANADA vs. AEP TEX INC | TRANSCANADA vs. US BANK NATIONAL | TRANSCANADA vs. Nasdaq Inc | TRANSCANADA vs. Vertiv Holdings Co |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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