Correlation Between Urban Edge and MORE
Can any of the company-specific risk be diversified away by investing in both Urban Edge 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 Urban Edge and MORE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Urban Edge Properties and MORE, you can compare the effects of market volatilities on Urban Edge 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 Urban Edge with a short position of MORE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Urban Edge and MORE.
Diversification Opportunities for Urban Edge and MORE
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Urban and MORE is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Urban Edge Properties and MORE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MORE and Urban Edge 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 Urban Edge Properties 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 Urban Edge i.e., Urban Edge and MORE go up and down completely randomly.
Pair Corralation between Urban Edge and MORE
If you would invest 1,780 in Urban Edge Properties on August 25, 2024 and sell it today you would earn a total of 515.00 from holding Urban Edge Properties or generate 28.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 0.44% |
| Values | Daily Returns |
Urban Edge Properties vs. MORE
Performance |
| Timeline |
| Urban Edge Properties |
| MORE |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Urban Edge and MORE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Urban Edge and MORE
The main advantage of trading using opposite Urban Edge and MORE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Urban Edge 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.| Urban Edge vs. Site Centers Corp | Urban Edge vs. Kite Realty Group | Urban Edge vs. Inventrust Properties Corp | Urban Edge vs. Retail Opportunity Investments |
| MORE vs. Xenia Hotels Resorts | MORE vs. Forestar Group | MORE vs. Nexpoint Residential Trust | MORE vs. Urban Edge Properties |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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