Correlation Between Urban Edge and Tuxis
Can any of the company-specific risk be diversified away by investing in both Urban Edge and Tuxis 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 Tuxis 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 Tuxis, you can compare the effects of market volatilities on Urban Edge and Tuxis 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 Tuxis. Check out your portfolio center. Please also check ongoing floating volatility patterns of Urban Edge and Tuxis.
Diversification Opportunities for Urban Edge and Tuxis
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Urban and Tuxis is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Urban Edge Properties and Tuxis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tuxis 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 Tuxis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tuxis has no effect on the direction of Urban Edge i.e., Urban Edge and Tuxis go up and down completely randomly.
Pair Corralation between Urban Edge and Tuxis
If you would invest 2,213 in Urban Edge Properties on August 30, 2024 and sell it today you would earn a total of 118.00 from holding Urban Edge Properties or generate 5.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Urban Edge Properties vs. Tuxis
Performance |
| Timeline |
| Urban Edge Properties |
| Tuxis |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Urban Edge and Tuxis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Urban Edge and Tuxis
The main advantage of trading using opposite Urban Edge and Tuxis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Urban Edge position performs unexpectedly, Tuxis 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 Tuxis will offset losses from the drop in Tuxis' long position.| Urban Edge vs. Saul Centers | Urban Edge vs. Site Centers Corp | Urban Edge vs. Acadia Realty Trust | Urban Edge vs. Retail Opportunity Investments |
| Tuxis vs. Electrovaya Common Shares | Tuxis vs. Payoneer Global | Tuxis vs. Usio Inc | Tuxis vs. Highway Holdings Limited |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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