Correlation Between Parker Hannifin and KIMCO
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By analyzing existing cross correlation between Parker Hannifin and KIMCO RLTY P, you can compare the effects of market volatilities on Parker Hannifin 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 Parker Hannifin with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Parker Hannifin and KIMCO.
Diversification Opportunities for Parker Hannifin and KIMCO
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Parker and KIMCO is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Parker Hannifin 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 Parker Hannifin 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 Parker Hannifin 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 Parker Hannifin i.e., Parker Hannifin and KIMCO go up and down completely randomly.
Pair Corralation between Parker Hannifin and KIMCO
Allowing for the 90-day total investment horizon Parker Hannifin is expected to generate 0.14 times more return on investment than KIMCO. However, Parker Hannifin is 6.92 times less risky than KIMCO. It trades about -0.1 of its potential returns per unit of risk. KIMCO RLTY P is currently generating about -0.1 per unit of risk. If you would invest 69,932 in Parker Hannifin on September 13, 2024 and sell it today you would lose (1,334) from holding Parker Hannifin or give up 1.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 50.0% |
| Values | Daily Returns |
Parker Hannifin vs. KIMCO RLTY P
Performance |
| Timeline |
| Parker Hannifin |
| KIMCO RLTY P |
Parker Hannifin and KIMCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Parker Hannifin and KIMCO
The main advantage of trading using opposite Parker Hannifin and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Parker Hannifin 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.| Parker Hannifin vs. Illinois Tool Works | Parker Hannifin vs. Pentair PLC | Parker Hannifin vs. Emerson Electric | Parker Hannifin vs. Smith AO |
| KIMCO vs. AEP TEX INC | KIMCO vs. US BANK NATIONAL | KIMCO vs. Recursion Pharmaceuticals | KIMCO vs. SoundHound AI |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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