Correlation Between Simon Property and United
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By analyzing existing cross correlation between Simon Property Group and United States Cellular, you can compare the effects of market volatilities on Simon Property and United 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 Property with a short position of United. Check out your portfolio center. Please also check ongoing floating volatility patterns of Simon Property and United.
Diversification Opportunities for Simon Property and United
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Simon and United is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Simon Property Group and United States Cellular in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United States Cellular and Simon Property 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 United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United States Cellular has no effect on the direction of Simon Property i.e., Simon Property and United go up and down completely randomly.
Pair Corralation between Simon Property and United
Considering the 90-day investment horizon Simon Property Group is expected to generate 0.69 times more return on investment than United. However, Simon Property Group is 1.46 times less risky than United. It trades about 0.15 of its potential returns per unit of risk. United States Cellular is currently generating about -0.14 per unit of risk. If you would invest 16,187 in Simon Property Group on September 12, 2024 and sell it today you would earn a total of 1,623 from holding Simon Property Group or generate 10.03% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 93.75% |
Values | Daily Returns |
Simon Property Group vs. United States Cellular
Performance |
Timeline |
Simon Property Group |
United States Cellular |
Simon Property and United Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Simon Property and United
The main advantage of trading using opposite Simon Property and United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Simon Property position performs unexpectedly, United 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 United will offset losses from the drop in United's long position.Simon Property vs. Federal Realty Investment | Simon Property vs. Agree Realty | Simon Property vs. National Retail Properties | Simon Property vs. Kimco Realty |
United vs. Kite Realty Group | United vs. Cincinnati Financial | United vs. Meiwu Technology Co | United vs. Pekin Life Insurance |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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