Correlation Between ScanSource and KIMCO
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By analyzing existing cross correlation between ScanSource and KIMCO RLTY P, you can compare the effects of market volatilities on ScanSource 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 ScanSource with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of ScanSource and KIMCO.
Diversification Opportunities for ScanSource and KIMCO
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between ScanSource and KIMCO is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding ScanSource 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 ScanSource 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 ScanSource 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 ScanSource i.e., ScanSource and KIMCO go up and down completely randomly.
Pair Corralation between ScanSource and KIMCO
Given the investment horizon of 90 days ScanSource is expected to generate 1.1 times more return on investment than KIMCO. However, ScanSource is 1.1 times more volatile than KIMCO RLTY P. It trades about 0.09 of its potential returns per unit of risk. KIMCO RLTY P is currently generating about -0.22 per unit of risk. If you would invest 4,841 in ScanSource on September 13, 2024 and sell it today you would earn a total of 470.00 from holding ScanSource or generate 9.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 38.1% |
| Values | Daily Returns |
ScanSource vs. KIMCO RLTY P
Performance |
| Timeline |
| ScanSource |
| KIMCO RLTY P |
ScanSource and KIMCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ScanSource and KIMCO
The main advantage of trading using opposite ScanSource and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ScanSource 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.| ScanSource vs. Climb Global Solutions | ScanSource vs. Insight Enterprises | ScanSource vs. Synnex | ScanSource vs. PC Connection |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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