Correlation Between KIMCO and Cementos Pacasmayo
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By analyzing existing cross correlation between KIMCO RLTY P and Cementos Pacasmayo SAA, you can compare the effects of market volatilities on KIMCO and Cementos Pacasmayo 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 KIMCO with a short position of Cementos Pacasmayo. Check out your portfolio center. Please also check ongoing floating volatility patterns of KIMCO and Cementos Pacasmayo.
Diversification Opportunities for KIMCO and Cementos Pacasmayo
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between KIMCO and Cementos is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding KIMCO RLTY P and Cementos Pacasmayo SAA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cementos Pacasmayo SAA and KIMCO 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 KIMCO RLTY P are associated (or correlated) with Cementos Pacasmayo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cementos Pacasmayo SAA has no effect on the direction of KIMCO i.e., KIMCO and Cementos Pacasmayo go up and down completely randomly.
Pair Corralation between KIMCO and Cementos Pacasmayo
Assuming the 90 days trading horizon KIMCO RLTY P is expected to under-perform the Cementos Pacasmayo. But the bond apears to be less risky and, when comparing its historical volatility, KIMCO RLTY P is 2.23 times less risky than Cementos Pacasmayo. The bond trades about -0.23 of its potential returns per unit of risk. The Cementos Pacasmayo SAA is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 582.00 in Cementos Pacasmayo SAA on September 13, 2024 and sell it today you would earn a total of 13.00 from holding Cementos Pacasmayo SAA or generate 2.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
KIMCO RLTY P vs. Cementos Pacasmayo SAA
Performance |
| Timeline |
| KIMCO RLTY P |
| Cementos Pacasmayo SAA |
KIMCO and Cementos Pacasmayo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KIMCO and Cementos Pacasmayo
The main advantage of trading using opposite KIMCO and Cementos Pacasmayo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KIMCO position performs unexpectedly, Cementos Pacasmayo 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 Cementos Pacasmayo will offset losses from the drop in Cementos Pacasmayo's long position.| KIMCO vs. AEP TEX INC | KIMCO vs. US BANK NATIONAL | KIMCO vs. Recursion Pharmaceuticals | KIMCO vs. SoundHound AI |
| Cementos Pacasmayo vs. Summit Materials | Cementos Pacasmayo vs. Eagle Materials | Cementos Pacasmayo vs. United States Lime | Cementos Pacasmayo vs. James Hardie Industries |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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