Correlation Between Modine Manufacturing and 49803XAA1
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By analyzing existing cross correlation between Modine Manufacturing and KITE RLTY GROUP, you can compare the effects of market volatilities on Modine Manufacturing and 49803XAA1 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 Modine Manufacturing with a short position of 49803XAA1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Modine Manufacturing and 49803XAA1.
Diversification Opportunities for Modine Manufacturing and 49803XAA1
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Modine and 49803XAA1 is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Modine Manufacturing and KITE RLTY GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KITE RLTY GROUP and Modine Manufacturing 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 Modine Manufacturing are associated (or correlated) with 49803XAA1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KITE RLTY GROUP has no effect on the direction of Modine Manufacturing i.e., Modine Manufacturing and 49803XAA1 go up and down completely randomly.
Pair Corralation between Modine Manufacturing and 49803XAA1
Considering the 90-day investment horizon Modine Manufacturing is expected to generate 3.76 times more return on investment than 49803XAA1. However, Modine Manufacturing is 3.76 times more volatile than KITE RLTY GROUP. It trades about 0.12 of its potential returns per unit of risk. KITE RLTY GROUP is currently generating about 0.0 per unit of risk. If you would invest 2,011 in Modine Manufacturing on September 14, 2024 and sell it today you would earn a total of 10,811 from holding Modine Manufacturing or generate 537.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 72.87% |
| Values | Daily Returns |
Modine Manufacturing vs. KITE RLTY GROUP
Performance |
| Timeline |
| Modine Manufacturing |
| KITE RLTY GROUP |
Modine Manufacturing and 49803XAA1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Modine Manufacturing and 49803XAA1
The main advantage of trading using opposite Modine Manufacturing and 49803XAA1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Modine Manufacturing position performs unexpectedly, 49803XAA1 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 49803XAA1 will offset losses from the drop in 49803XAA1's long position.| Modine Manufacturing vs. Ford Motor | Modine Manufacturing vs. General Motors | Modine Manufacturing vs. Goodyear Tire Rubber | Modine Manufacturing vs. Li Auto |
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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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