Correlation Between SL Green and ENTERPRISE
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By analyzing existing cross correlation between SL Green Realty and ENTERPRISE PRODS OPER, you can compare the effects of market volatilities on SL Green and ENTERPRISE 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 ENTERPRISE. Check out your portfolio center. Please also check ongoing floating volatility patterns of SL Green and ENTERPRISE.
Diversification Opportunities for SL Green and ENTERPRISE
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SLG and ENTERPRISE is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding SL Green Realty and ENTERPRISE PRODS OPER in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENTERPRISE PRODS OPER 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 ENTERPRISE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENTERPRISE PRODS OPER has no effect on the direction of SL Green i.e., SL Green and ENTERPRISE go up and down completely randomly.
Pair Corralation between SL Green and ENTERPRISE
Considering the 90-day investment horizon SL Green Realty is expected to generate 0.54 times more return on investment than ENTERPRISE. However, SL Green Realty is 1.85 times less risky than ENTERPRISE. It trades about 0.0 of its potential returns per unit of risk. ENTERPRISE PRODS OPER is currently generating about -0.08 per unit of risk. If you would invest 7,599 in SL Green Realty on September 4, 2024 and sell it today you would lose (25.00) from holding SL Green Realty or give up 0.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SL Green Realty vs. ENTERPRISE PRODS OPER
Performance |
| Timeline |
| SL Green Realty |
| ENTERPRISE PRODS OPER |
SL Green and ENTERPRISE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SL Green and ENTERPRISE
The main advantage of trading using opposite SL Green and ENTERPRISE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SL Green position performs unexpectedly, ENTERPRISE 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 ENTERPRISE will offset losses from the drop in ENTERPRISE'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 |
| ENTERPRISE vs. The Travelers Companies | ENTERPRISE vs. GE Aerospace | ENTERPRISE vs. Walmart | ENTERPRISE vs. Pfizer Inc |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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