Correlation Between Site Centers and MORE
Can any of the company-specific risk be diversified away by investing in both Site Centers and MORE 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 MORE 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 MORE, you can compare the effects of market volatilities on Site Centers and MORE 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 MORE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Site Centers and MORE.
Diversification Opportunities for Site Centers and MORE
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Site and MORE is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Site Centers Corp and MORE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MORE 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 MORE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MORE has no effect on the direction of Site Centers i.e., Site Centers and MORE go up and down completely randomly.
Pair Corralation between Site Centers and MORE
If you would invest 1,197 in Site Centers Corp on August 28, 2024 and sell it today you would earn a total of 386.00 from holding Site Centers Corp or generate 32.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 1.56% |
| Values | Daily Returns |
Site Centers Corp vs. MORE
Performance |
| Timeline |
| Site Centers Corp |
| MORE |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Site Centers and MORE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Site Centers and MORE
The main advantage of trading using opposite Site Centers and MORE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Site Centers position performs unexpectedly, MORE 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 MORE will offset losses from the drop in MORE'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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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