Correlation Between Getty Images and Fiverr International
Can any of the company-specific risk be diversified away by investing in both Getty Images and Fiverr International 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 Getty Images and Fiverr International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Images Holdings and Fiverr International, you can compare the effects of market volatilities on Getty Images and Fiverr International 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 Getty Images with a short position of Fiverr International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Images and Fiverr International.
Diversification Opportunities for Getty Images and Fiverr International
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Getty and Fiverr is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Getty Images Holdings and Fiverr International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fiverr International and Getty Images 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 Getty Images Holdings are associated (or correlated) with Fiverr International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fiverr International has no effect on the direction of Getty Images i.e., Getty Images and Fiverr International go up and down completely randomly.
Pair Corralation between Getty Images and Fiverr International
Given the investment horizon of 90 days Getty Images Holdings is expected to under-perform the Fiverr International. In addition to that, Getty Images is 1.24 times more volatile than Fiverr International. It trades about -0.23 of its total potential returns per unit of risk. Fiverr International is currently generating about 0.3 per unit of volatility. If you would invest 2,507 in Fiverr International on August 30, 2024 and sell it today you would earn a total of 776.00 from holding Fiverr International or generate 30.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Getty Images Holdings vs. Fiverr International
Performance |
| Timeline |
| Getty Images Holdings |
| Fiverr International |
Getty Images and Fiverr International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Images and Fiverr International
The main advantage of trading using opposite Getty Images and Fiverr International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Images position performs unexpectedly, Fiverr International 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 Fiverr International will offset losses from the drop in Fiverr International's long position.| Getty Images vs. Twilio Inc | Getty Images vs. Baidu Inc | Getty Images vs. Snap Inc | Getty Images vs. ANGI Homeservices |
| Fiverr International vs. Snap Inc | Fiverr International vs. Twilio Inc | Fiverr International vs. Spotify Technology SA | Fiverr International vs. Baidu 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |