Correlation Between Site Centers and Fidelity Real
Can any of the company-specific risk be diversified away by investing in both Site Centers and Fidelity Real 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 Fidelity Real 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 Fidelity Real Estate, you can compare the effects of market volatilities on Site Centers and Fidelity Real 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 Fidelity Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Site Centers and Fidelity Real.
Diversification Opportunities for Site Centers and Fidelity Real
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Site and Fidelity is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Site Centers Corp and Fidelity Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Real Estate 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 Fidelity Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Real Estate has no effect on the direction of Site Centers i.e., Site Centers and Fidelity Real go up and down completely randomly.
Pair Corralation between Site Centers and Fidelity Real
Given the investment horizon of 90 days Site Centers Corp is expected to generate 3.2 times more return on investment than Fidelity Real. However, Site Centers is 3.2 times more volatile than Fidelity Real Estate. It trades about 0.08 of its potential returns per unit of risk. Fidelity Real Estate is currently generating about 0.08 per unit of risk. If you would invest 930.00 in Site Centers Corp on August 26, 2024 and sell it today you would earn a total of 680.00 from holding Site Centers Corp or generate 73.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Site Centers Corp vs. Fidelity Real Estate
Performance |
| Timeline |
| Site Centers Corp |
| Fidelity Real Estate |
Site Centers and Fidelity Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Site Centers and Fidelity Real
The main advantage of trading using opposite Site Centers and Fidelity Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Site Centers position performs unexpectedly, Fidelity Real 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 Fidelity Real will offset losses from the drop in Fidelity Real's long position.| Site Centers vs. Saul Centers | Site Centers vs. Acadia Realty Trust | Site Centers vs. Kite Realty Group | Site Centers vs. Retail Opportunity Investments |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Positions Ratings 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 | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |