Correlation Between Yunhong Green and Simon Property
Can any of the company-specific risk be diversified away by investing in both Yunhong Green and Simon Property at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Yunhong Green and Simon Property into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yunhong Green CTI and Simon Property Group, you can compare the effects of market volatilities on Yunhong Green and Simon Property 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 Yunhong Green with a short position of Simon Property. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunhong Green and Simon Property.
Diversification Opportunities for Yunhong Green and Simon Property
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Yunhong and Simon is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Yunhong Green CTI and Simon Property Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Simon Property Group and Yunhong Green 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 Yunhong Green CTI are associated (or correlated) with Simon Property. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Simon Property Group has no effect on the direction of Yunhong Green i.e., Yunhong Green and Simon Property go up and down completely randomly.
Pair Corralation between Yunhong Green and Simon Property
Given the investment horizon of 90 days Yunhong Green CTI is expected to under-perform the Simon Property. In addition to that, Yunhong Green is 4.45 times more volatile than Simon Property Group. It trades about -0.05 of its total potential returns per unit of risk. Simon Property Group is currently generating about 0.15 per unit of volatility. If you would invest 14,078 in Simon Property Group on September 3, 2024 and sell it today you would earn a total of 4,282 from holding Simon Property Group or generate 30.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunhong Green CTI vs. Simon Property Group
Performance |
| Timeline |
| Yunhong Green CTI |
| Simon Property Group |
Yunhong Green and Simon Property Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunhong Green and Simon Property
The main advantage of trading using opposite Yunhong Green and Simon Property positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunhong Green position performs unexpectedly, Simon Property 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 Simon Property will offset losses from the drop in Simon Property's long position.| Yunhong Green vs. Simon Property Group | Yunhong Green vs. Sea | Yunhong Green vs. Scholastic | Yunhong Green vs. WEBTOON Entertainment Common |
| Simon Property vs. Federal Realty Investment | Simon Property vs. Agree Realty | Simon Property vs. National Retail Properties | Simon Property vs. Kimco Realty |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |