Correlation Between AXASA and Kite Realty
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By analyzing existing cross correlation between AXASA 6379 and Kite Realty Group, you can compare the effects of market volatilities on AXASA and Kite Realty 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 AXASA with a short position of Kite Realty. Check out your portfolio center. Please also check ongoing floating volatility patterns of AXASA and Kite Realty.
Diversification Opportunities for AXASA and Kite Realty
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between AXASA and Kite is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding AXASA 6379 and Kite Realty Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kite Realty Group and AXASA 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 AXASA 6379 are associated (or correlated) with Kite Realty. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kite Realty Group has no effect on the direction of AXASA i.e., AXASA and Kite Realty go up and down completely randomly.
Pair Corralation between AXASA and Kite Realty
Assuming the 90 days trading horizon AXASA is expected to generate 4.33 times less return on investment than Kite Realty. But when comparing it to its historical volatility, AXASA 6379 is 1.14 times less risky than Kite Realty. It trades about 0.05 of its potential returns per unit of risk. Kite Realty Group is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 2,155 in Kite Realty Group on September 2, 2024 and sell it today you would earn a total of 602.00 from holding Kite Realty Group or generate 27.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 12.7% |
| Values | Daily Returns |
AXASA 6379 vs. Kite Realty Group
Performance |
| Timeline |
| AXASA 6379 |
| Kite Realty Group |
AXASA and Kite Realty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AXASA and Kite Realty
The main advantage of trading using opposite AXASA and Kite Realty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AXASA position performs unexpectedly, Kite Realty 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 Kite Realty will offset losses from the drop in Kite Realty's long position.| AXASA vs. MYR Group | AXASA vs. Emerson Electric | AXASA vs. Highway Holdings Limited | AXASA vs. Hurco Companies |
| Kite Realty vs. Site Centers Corp | Kite Realty vs. CBL Associates Properties | Kite Realty vs. Urban Edge Properties | Kite Realty 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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