Correlation Between Palomar Holdings and KIMCO
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By analyzing existing cross correlation between Palomar Holdings and KIMCO RLTY P, you can compare the effects of market volatilities on Palomar Holdings 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 Palomar Holdings with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Palomar Holdings and KIMCO.
Diversification Opportunities for Palomar Holdings and KIMCO
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Palomar and KIMCO is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Palomar Holdings 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 Palomar Holdings 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 Palomar Holdings 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 Palomar Holdings i.e., Palomar Holdings and KIMCO go up and down completely randomly.
Pair Corralation between Palomar Holdings and KIMCO
Given the investment horizon of 90 days Palomar Holdings is expected to generate 0.38 times more return on investment than KIMCO. However, Palomar Holdings is 2.64 times less risky than KIMCO. It trades about 0.2 of its potential returns per unit of risk. KIMCO RLTY P is currently generating about -0.07 per unit of risk. If you would invest 10,069 in Palomar Holdings on September 13, 2024 and sell it today you would earn a total of 776.00 from holding Palomar Holdings or generate 7.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 42.86% |
| Values | Daily Returns |
Palomar Holdings vs. KIMCO RLTY P
Performance |
| Timeline |
| Palomar Holdings |
| KIMCO RLTY P |
Palomar Holdings and KIMCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Palomar Holdings and KIMCO
The main advantage of trading using opposite Palomar Holdings and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Palomar Holdings 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.| Palomar Holdings vs. Progressive Corp | Palomar Holdings vs. Chubb | Palomar Holdings vs. Cincinnati Financial | Palomar Holdings vs. W R Berkley |
| KIMCO vs. QBE Insurance Group | KIMCO vs. Old Republic International | KIMCO vs. Palomar Holdings | KIMCO vs. Employers Holdings |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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