Correlation Between Pfizer and KIMCO
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By analyzing existing cross correlation between Pfizer Inc and KIMCO RLTY P, you can compare the effects of market volatilities on Pfizer 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 Pfizer with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pfizer and KIMCO.
Diversification Opportunities for Pfizer and KIMCO
Very good diversification
The 3 months correlation between Pfizer and KIMCO is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Pfizer Inc 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 Pfizer 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 Pfizer Inc 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 Pfizer i.e., Pfizer and KIMCO go up and down completely randomly.
Pair Corralation between Pfizer and KIMCO
Considering the 90-day investment horizon Pfizer Inc is expected to under-perform the KIMCO. But the stock apears to be less risky and, when comparing its historical volatility, Pfizer Inc is 1.63 times less risky than KIMCO. The stock trades about -0.05 of its potential returns per unit of risk. The KIMCO RLTY P is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 7,637 in KIMCO RLTY P on September 3, 2024 and sell it today you would earn a total of 62.00 from holding KIMCO RLTY P or generate 0.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 30.4% |
| Values | Daily Returns |
Pfizer Inc vs. KIMCO RLTY P
Performance |
| Timeline |
| Pfizer Inc |
| KIMCO RLTY P |
Pfizer and KIMCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pfizer and KIMCO
The main advantage of trading using opposite Pfizer and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pfizer 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.| Pfizer vs. Merck Company | Pfizer vs. Johnson Johnson | Pfizer vs. Highway Holdings Limited | Pfizer vs. QCR Holdings |
| KIMCO vs. SFL Corporation | KIMCO vs. Eldorado Gold Corp | KIMCO vs. Artisan Partners Asset | KIMCO vs. Jacobs Solutions |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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