Correlation Between Kite Realty and Valneva SE
Can any of the company-specific risk be diversified away by investing in both Kite Realty and Valneva SE 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 Valneva SE 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 Valneva SE ADR, you can compare the effects of market volatilities on Kite Realty and Valneva SE 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 Valneva SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kite Realty and Valneva SE.
Diversification Opportunities for Kite Realty and Valneva SE
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kite and Valneva is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Kite Realty Group and Valneva SE ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Valneva SE ADR 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 Valneva SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Valneva SE ADR has no effect on the direction of Kite Realty i.e., Kite Realty and Valneva SE go up and down completely randomly.
Pair Corralation between Kite Realty and Valneva SE
Considering the 90-day investment horizon Kite Realty Group is expected to generate 0.38 times more return on investment than Valneva SE. However, Kite Realty Group is 2.6 times less risky than Valneva SE. It trades about 0.14 of its potential returns per unit of risk. Valneva SE ADR is currently generating about -0.36 per unit of risk. If you would invest 2,556 in Kite Realty Group on August 29, 2024 and sell it today you would earn a total of 229.00 from holding Kite Realty Group or generate 8.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kite Realty Group vs. Valneva SE ADR
Performance |
| Timeline |
| Kite Realty Group |
| Valneva SE ADR |
Kite Realty and Valneva SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kite Realty and Valneva SE
The main advantage of trading using opposite Kite Realty and Valneva SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kite Realty position performs unexpectedly, Valneva SE 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 Valneva SE will offset losses from the drop in Valneva SE'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 |
| Valneva SE vs. Bright Minds Biosciences | Valneva SE vs. HP Inc | Valneva SE vs. Intel | Valneva SE vs. Chevron Corp |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |