Correlation Between Kite Realty and WiMi Hologram
Can any of the company-specific risk be diversified away by investing in both Kite Realty and WiMi Hologram 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 WiMi Hologram 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 WiMi Hologram Cloud, you can compare the effects of market volatilities on Kite Realty and WiMi Hologram 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 WiMi Hologram. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kite Realty and WiMi Hologram.
Diversification Opportunities for Kite Realty and WiMi Hologram
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kite and WiMi is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Kite Realty Group and WiMi Hologram Cloud in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WiMi Hologram Cloud 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 WiMi Hologram. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WiMi Hologram Cloud has no effect on the direction of Kite Realty i.e., Kite Realty and WiMi Hologram go up and down completely randomly.
Pair Corralation between Kite Realty and WiMi Hologram
Considering the 90-day investment horizon Kite Realty is expected to generate 7.44 times less return on investment than WiMi Hologram. But when comparing it to its historical volatility, Kite Realty Group is 5.82 times less risky than WiMi Hologram. It trades about 0.03 of its potential returns per unit of risk. WiMi Hologram Cloud is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 107.00 in WiMi Hologram Cloud on November 28, 2024 and sell it today you would lose (24.41) from holding WiMi Hologram Cloud or give up 22.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kite Realty Group vs. WiMi Hologram Cloud
Performance |
| Timeline |
| Kite Realty Group |
| WiMi Hologram Cloud |
Kite Realty and WiMi Hologram Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kite Realty and WiMi Hologram
The main advantage of trading using opposite Kite Realty and WiMi Hologram positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kite Realty position performs unexpectedly, WiMi Hologram 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 WiMi Hologram will offset losses from the drop in WiMi Hologram'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 |
| WiMi Hologram vs. National CineMedia | WiMi Hologram vs. Baosheng Media Group | WiMi Hologram vs. Townsquare Media | WiMi Hologram vs. Dolphin Entertainment |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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