Correlation Between Simon Property and REPUBLIC
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By analyzing existing cross correlation between Simon Property Group and REPUBLIC SVCS INC, you can compare the effects of market volatilities on Simon Property and REPUBLIC 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 REPUBLIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Simon Property and REPUBLIC.
Diversification Opportunities for Simon Property and REPUBLIC
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Simon and REPUBLIC is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Simon Property Group and REPUBLIC SVCS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on REPUBLIC SVCS INC 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 REPUBLIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of REPUBLIC SVCS INC has no effect on the direction of Simon Property i.e., Simon Property and REPUBLIC go up and down completely randomly.
Pair Corralation between Simon Property and REPUBLIC
Considering the 90-day investment horizon Simon Property is expected to generate 16.75 times less return on investment than REPUBLIC. But when comparing it to its historical volatility, Simon Property Group is 31.92 times less risky than REPUBLIC. It trades about 0.08 of its potential returns per unit of risk. REPUBLIC SVCS INC is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 9,373 in REPUBLIC SVCS INC on September 14, 2024 and sell it today you would earn a total of 24.00 from holding REPUBLIC SVCS INC or generate 0.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 94.13% |
| Values | Daily Returns |
Simon Property Group vs. REPUBLIC SVCS INC
Performance |
| Timeline |
| Simon Property Group |
| REPUBLIC SVCS INC |
Simon Property and REPUBLIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Simon Property and REPUBLIC
The main advantage of trading using opposite Simon Property and REPUBLIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Simon Property position performs unexpectedly, REPUBLIC 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 REPUBLIC will offset losses from the drop in REPUBLIC's long position.| Simon Property vs. Site Centers Corp | Simon Property vs. CBL Associates Properties | Simon Property vs. Urban Edge Properties | Simon Property vs. Acadia Realty Trust |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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