Correlation Between SL Green and 06406RAR8
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By analyzing existing cross correlation between SL Green Realty and BK 165 28 JAN 31, you can compare the effects of market volatilities on SL Green and 06406RAR8 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 SL Green with a short position of 06406RAR8. Check out your portfolio center. Please also check ongoing floating volatility patterns of SL Green and 06406RAR8.
Diversification Opportunities for SL Green and 06406RAR8
Excellent diversification
The 3 months correlation between SLG and 06406RAR8 is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding SL Green Realty and BK 165 28 JAN 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BK 165 28 and SL Green 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 SL Green Realty are associated (or correlated) with 06406RAR8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BK 165 28 has no effect on the direction of SL Green i.e., SL Green and 06406RAR8 go up and down completely randomly.
Pair Corralation between SL Green and 06406RAR8
Considering the 90-day investment horizon SL Green Realty is expected to generate 1.85 times more return on investment than 06406RAR8. However, SL Green is 1.85 times more volatile than BK 165 28 JAN 31. It trades about 0.06 of its potential returns per unit of risk. BK 165 28 JAN 31 is currently generating about -0.16 per unit of risk. If you would invest 7,654 in SL Green Realty on August 29, 2024 and sell it today you would earn a total of 163.00 from holding SL Green Realty or generate 2.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
SL Green Realty vs. BK 165 28 JAN 31
Performance |
| Timeline |
| SL Green Realty |
| BK 165 28 |
SL Green and 06406RAR8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SL Green and 06406RAR8
The main advantage of trading using opposite SL Green and 06406RAR8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SL Green position performs unexpectedly, 06406RAR8 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 06406RAR8 will offset losses from the drop in 06406RAR8's long position.| SL Green vs. Boston Properties | SL Green vs. Douglas Emmett | SL Green vs. Kilroy Realty Corp | SL Green vs. Alexandria Real Estate |
| 06406RAR8 vs. AEP TEX INC | 06406RAR8 vs. US BANK NATIONAL | 06406RAR8 vs. 3M Company | 06406RAR8 vs. Alcoa Corp |
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.
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