Correlation Between Noble Plc and KIMCO
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By analyzing existing cross correlation between Noble plc and KIMCO RLTY P, you can compare the effects of market volatilities on Noble Plc and KIMCO 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 Noble Plc with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Noble Plc and KIMCO.
Diversification Opportunities for Noble Plc and KIMCO
Very good diversification
The 3 months correlation between Noble and KIMCO is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Noble plc and KIMCO RLTY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KIMCO RLTY P and Noble Plc 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 Noble plc are associated (or correlated) with KIMCO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KIMCO RLTY P has no effect on the direction of Noble Plc i.e., Noble Plc and KIMCO go up and down completely randomly.
Pair Corralation between Noble Plc and KIMCO
Allowing for the 90-day total investment horizon Noble plc is expected to generate 0.62 times more return on investment than KIMCO. However, Noble plc is 1.62 times less risky than KIMCO. It trades about -0.14 of its potential returns per unit of risk. KIMCO RLTY P is currently generating about -0.15 per unit of risk. If you would invest 3,455 in Noble plc on September 13, 2024 and sell it today you would lose (190.00) from holding Noble plc or give up 5.5% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 52.38% |
Values | Daily Returns |
Noble plc vs. KIMCO RLTY P
Performance |
Timeline |
Noble plc |
KIMCO RLTY P |
Noble Plc and KIMCO Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Noble Plc and KIMCO
The main advantage of trading using opposite Noble Plc and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Noble Plc position performs unexpectedly, KIMCO 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 KIMCO will offset losses from the drop in KIMCO's long position.Noble Plc vs. Seadrill Limited | Noble Plc vs. Borr Drilling | Noble Plc vs. Patterson UTI Energy | Noble Plc vs. Transocean |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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