Correlation Between 49803XAA1 and Western Asset
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By analyzing existing cross correlation between KITE RLTY GROUP and Western Asset Investment, you can compare the effects of market volatilities on 49803XAA1 and Western Asset 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 49803XAA1 with a short position of Western Asset. Check out your portfolio center. Please also check ongoing floating volatility patterns of 49803XAA1 and Western Asset.
Diversification Opportunities for 49803XAA1 and Western Asset
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 49803XAA1 and Western is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding KITE RLTY GROUP and Western Asset Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Western Asset Investment and 49803XAA1 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 KITE RLTY GROUP are associated (or correlated) with Western Asset. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Western Asset Investment has no effect on the direction of 49803XAA1 i.e., 49803XAA1 and Western Asset go up and down completely randomly.
Pair Corralation between 49803XAA1 and Western Asset
Assuming the 90 days trading horizon KITE RLTY GROUP is expected to generate 0.99 times more return on investment than Western Asset. However, KITE RLTY GROUP is 1.01 times less risky than Western Asset. It trades about -0.11 of its potential returns per unit of risk. Western Asset Investment is currently generating about -0.14 per unit of risk. If you would invest 9,822 in KITE RLTY GROUP on September 2, 2024 and sell it today you would lose (312.00) from holding KITE RLTY GROUP or give up 3.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 85.94% |
| Values | Daily Returns |
KITE RLTY GROUP vs. Western Asset Investment
Performance |
| Timeline |
| KITE RLTY GROUP |
| Western Asset Investment |
49803XAA1 and Western Asset Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 49803XAA1 and Western Asset
The main advantage of trading using opposite 49803XAA1 and Western Asset positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 49803XAA1 position performs unexpectedly, Western Asset 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 Western Asset will offset losses from the drop in Western Asset's long position.| 49803XAA1 vs. AEP TEX INC | 49803XAA1 vs. US BANK NATIONAL | 49803XAA1 vs. International Business Machines | 49803XAA1 vs. Intel |
| Western Asset vs. Visa Class A | Western Asset vs. Diamond Hill Investment | Western Asset vs. Distoken Acquisition | Western Asset vs. Associated Capital Group |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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