Correlation Between Simon Property and FEDEX
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By analyzing existing cross correlation between Simon Property Group and FEDEX P 475, you can compare the effects of market volatilities on Simon Property and FEDEX 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 Simon Property with a short position of FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Simon Property and FEDEX.
Diversification Opportunities for Simon Property and FEDEX
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Simon and FEDEX is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Simon Property Group and FEDEX P 475 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX P 475 and Simon Property 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 Simon Property Group are associated (or correlated) with FEDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FEDEX P 475 has no effect on the direction of Simon Property i.e., Simon Property and FEDEX go up and down completely randomly.
Pair Corralation between Simon Property and FEDEX
Considering the 90-day investment horizon Simon Property Group is expected to under-perform the FEDEX. But the stock apears to be less risky and, when comparing its historical volatility, Simon Property Group is 1.69 times less risky than FEDEX. The stock trades about -0.03 of its potential returns per unit of risk. The FEDEX P 475 is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 8,733 in FEDEX P 475 on September 12, 2024 and sell it today you would earn a total of 78.00 from holding FEDEX P 475 or generate 0.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Simon Property Group vs. FEDEX P 475
Performance |
| Timeline |
| Simon Property Group |
| FEDEX P 475 |
Simon Property and FEDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Simon Property and FEDEX
The main advantage of trading using opposite Simon Property and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Simon Property position performs unexpectedly, FEDEX 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 FEDEX will offset losses from the drop in FEDEX's long position.| Simon Property vs. Federal Realty Investment | Simon Property vs. Agree Realty | Simon Property vs. National Retail Properties | Simon Property vs. Kimco Realty |
| FEDEX vs. Hf Foods Group | FEDEX vs. Planet Fitness | FEDEX vs. Village Super Market | FEDEX vs. Playa Hotels Resorts |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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