Correlation Between SITE Centers and Blackstone Gso
Can any of the company-specific risk be diversified away by investing in both SITE Centers and Blackstone Gso at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining SITE Centers and Blackstone Gso into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SITE Centers Corp and Blackstone Gso Long, you can compare the effects of market volatilities on SITE Centers and Blackstone Gso 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 SITE Centers with a short position of Blackstone Gso. Check out your portfolio center. Please also check ongoing floating volatility patterns of SITE Centers and Blackstone Gso.
Diversification Opportunities for SITE Centers and Blackstone Gso
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between SITE and Blackstone is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding SITE Centers Corp and Blackstone Gso Long in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackstone Gso Long and SITE Centers 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 SITE Centers Corp are associated (or correlated) with Blackstone Gso. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackstone Gso Long has no effect on the direction of SITE Centers i.e., SITE Centers and Blackstone Gso go up and down completely randomly.
Pair Corralation between SITE Centers and Blackstone Gso
Assuming the 90 days trading horizon SITE Centers is expected to generate 44.4 times less return on investment than Blackstone Gso. But when comparing it to its historical volatility, SITE Centers Corp is 9.28 times less risky than Blackstone Gso. It trades about 0.07 of its potential returns per unit of risk. Blackstone Gso Long is currently generating about 0.33 of returns per unit of risk over similar time horizon. If you would invest 1,248 in Blackstone Gso Long on September 5, 2024 and sell it today you would earn a total of 58.00 from holding Blackstone Gso Long or generate 4.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 77.27% |
| Values | Daily Returns |
SITE Centers Corp vs. Blackstone Gso Long
Performance |
| Timeline |
| SITE Centers Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Blackstone Gso Long |
SITE Centers and Blackstone Gso Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SITE Centers and Blackstone Gso
The main advantage of trading using opposite SITE Centers and Blackstone Gso positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SITE Centers position performs unexpectedly, Blackstone Gso 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 Blackstone Gso will offset losses from the drop in Blackstone Gso's long position.| SITE Centers vs. The Gabelli Multimedia | SITE Centers vs. The Gabelli Equity | SITE Centers vs. Virtus AllianzGI Convertible | SITE Centers vs. John Hancock Income |
| Blackstone Gso vs. BlackRock Floating Rate | Blackstone Gso vs. Eaton Vance Floating | Blackstone Gso vs. Eaton Vance Senior | Blackstone Gso vs. Nuveen Floating Rate |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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