Correlation Between Universal and KIMCO
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By analyzing existing cross correlation between Universal and KIMCO RLTY P, you can compare the effects of market volatilities on Universal and KIMCO 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 Universal with a short position of KIMCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Universal and KIMCO.
Diversification Opportunities for Universal and KIMCO
Very good diversification
The 3 months correlation between Universal and KIMCO is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Universal and KIMCO RLTY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KIMCO RLTY P and Universal 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 Universal are associated (or correlated) with KIMCO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KIMCO RLTY P has no effect on the direction of Universal i.e., Universal and KIMCO go up and down completely randomly.
Pair Corralation between Universal and KIMCO
Considering the 90-day investment horizon Universal is expected to generate 0.31 times more return on investment than KIMCO. However, Universal is 3.27 times less risky than KIMCO. It trades about 0.21 of its potential returns per unit of risk. KIMCO RLTY P is currently generating about -0.12 per unit of risk. If you would invest 4,999 in Universal on September 13, 2024 and sell it today you would earn a total of 645.00 from holding Universal or generate 12.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 39.53% |
| Values | Daily Returns |
Universal vs. KIMCO RLTY P
Performance |
| Timeline |
| Universal |
| KIMCO RLTY P |
Universal and KIMCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Universal and KIMCO
The main advantage of trading using opposite Universal and KIMCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Universal position performs unexpectedly, KIMCO 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 KIMCO will offset losses from the drop in KIMCO's long position.| Universal vs. Imperial Brands PLC | Universal vs. Japan Tobacco ADR | Universal vs. Philip Morris International | Universal vs. Turning Point Brands |
| KIMCO vs. AEP TEX INC | KIMCO vs. US BANK NATIONAL | KIMCO vs. Recursion Pharmaceuticals | KIMCO vs. SoundHound AI |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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