Correlation Between SIMON and Eastman Kodak
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By analyzing existing cross correlation between SIMON PROPERTY GROUP and Eastman Kodak Co, you can compare the effects of market volatilities on SIMON and Eastman Kodak 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 SIMON with a short position of Eastman Kodak. Check out your portfolio center. Please also check ongoing floating volatility patterns of SIMON and Eastman Kodak.
Diversification Opportunities for SIMON and Eastman Kodak
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SIMON and Eastman is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding SIMON PROPERTY GROUP and Eastman Kodak Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastman Kodak and SIMON 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 SIMON PROPERTY GROUP are associated (or correlated) with Eastman Kodak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastman Kodak has no effect on the direction of SIMON i.e., SIMON and Eastman Kodak go up and down completely randomly.
Pair Corralation between SIMON and Eastman Kodak
Assuming the 90 days trading horizon SIMON is expected to generate 16.8 times less return on investment than Eastman Kodak. But when comparing it to its historical volatility, SIMON PROPERTY GROUP is 2.32 times less risky than Eastman Kodak. It trades about 0.01 of its potential returns per unit of risk. Eastman Kodak Co is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 313.00 in Eastman Kodak Co on September 12, 2024 and sell it today you would earn a total of 353.00 from holding Eastman Kodak Co or generate 112.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 78.99% |
| Values | Daily Returns |
SIMON PROPERTY GROUP vs. Eastman Kodak Co
Performance |
| Timeline |
| SIMON PROPERTY GROUP |
| Eastman Kodak |
SIMON and Eastman Kodak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SIMON and Eastman Kodak
The main advantage of trading using opposite SIMON and Eastman Kodak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SIMON position performs unexpectedly, Eastman Kodak 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 Eastman Kodak will offset losses from the drop in Eastman Kodak's long position.| SIMON vs. AEP TEX INC | SIMON vs. US BANK NATIONAL | SIMON vs. Applied Blockchain | SIMON vs. BigBearai Holdings |
| Eastman Kodak vs. SMX Public Limited | Eastman Kodak vs. System1 | Eastman Kodak vs. Lichen China Limited | Eastman Kodak vs. Team Inc |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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