Correlation Between KIMCO and Ross Stores
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By analyzing existing cross correlation between KIMCO RLTY P and Ross Stores, you can compare the effects of market volatilities on KIMCO and Ross Stores 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 Ross Stores. Check out your portfolio center. Please also check ongoing floating volatility patterns of KIMCO and Ross Stores.
Diversification Opportunities for KIMCO and Ross Stores
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between KIMCO and Ross is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding KIMCO RLTY P and Ross Stores in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ross Stores 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 Ross Stores. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ross Stores has no effect on the direction of KIMCO i.e., KIMCO and Ross Stores go up and down completely randomly.
Pair Corralation between KIMCO and Ross Stores
Assuming the 90 days trading horizon KIMCO RLTY P is expected to under-perform the Ross Stores. But the bond apears to be less risky and, when comparing its historical volatility, KIMCO RLTY P is 2.4 times less risky than Ross Stores. The bond trades about -0.22 of its potential returns per unit of risk. The Ross Stores is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest 14,066 in Ross Stores on September 4, 2024 and sell it today you would earn a total of 1,570 from holding Ross Stores or generate 11.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
KIMCO RLTY P vs. Ross Stores
Performance |
| Timeline |
| KIMCO RLTY P |
| Ross Stores |
KIMCO and Ross Stores Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KIMCO and Ross Stores
The main advantage of trading using opposite KIMCO and Ross Stores positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KIMCO position performs unexpectedly, Ross Stores 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 Ross Stores will offset losses from the drop in Ross Stores' long position.| KIMCO vs. Everus Construction Group | KIMCO vs. Topbuild Corp | KIMCO vs. RadNet Inc | KIMCO vs. Seadrill Limited |
| Ross Stores vs. Burlington Stores | Ross Stores vs. American Eagle Outfitters | Ross Stores vs. Lululemon Athletica | Ross Stores vs. Foot Locker |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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