Correlation Between 46188BAD4 and EastGroup Properties
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By analyzing existing cross correlation between INVH 415 15 APR 32 and EastGroup Properties, you can compare the effects of market volatilities on 46188BAD4 and EastGroup Properties 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 46188BAD4 with a short position of EastGroup Properties. Check out your portfolio center. Please also check ongoing floating volatility patterns of 46188BAD4 and EastGroup Properties.
Diversification Opportunities for 46188BAD4 and EastGroup Properties
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 46188BAD4 and EastGroup is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding INVH 415 15 APR 32 and EastGroup Properties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EastGroup Properties and 46188BAD4 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 INVH 415 15 APR 32 are associated (or correlated) with EastGroup Properties. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EastGroup Properties has no effect on the direction of 46188BAD4 i.e., 46188BAD4 and EastGroup Properties go up and down completely randomly.
Pair Corralation between 46188BAD4 and EastGroup Properties
Assuming the 90 days trading horizon INVH 415 15 APR 32 is expected to under-perform the EastGroup Properties. But the bond apears to be less risky and, when comparing its historical volatility, INVH 415 15 APR 32 is 2.16 times less risky than EastGroup Properties. The bond trades about -0.15 of its potential returns per unit of risk. The EastGroup Properties is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 15,736 in EastGroup Properties on October 20, 2024 and sell it today you would earn a total of 405.00 from holding EastGroup Properties or generate 2.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
INVH 415 15 APR 32 vs. EastGroup Properties
Performance |
| Timeline |
| INVH 415 15 |
| EastGroup Properties |
46188BAD4 and EastGroup Properties Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 46188BAD4 and EastGroup Properties
The main advantage of trading using opposite 46188BAD4 and EastGroup Properties positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 46188BAD4 position performs unexpectedly, EastGroup Properties 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 EastGroup Properties will offset losses from the drop in EastGroup Properties' long position.| 46188BAD4 vs. EastGroup Properties | 46188BAD4 vs. Edgewell Personal Care | 46188BAD4 vs. Estee Lauder Companies | 46188BAD4 vs. Snap On |
| EastGroup Properties vs. Terreno Realty | EastGroup Properties vs. Plymouth Industrial REIT | EastGroup Properties vs. LXP Industrial Trust | EastGroup Properties vs. First Industrial Realty |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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