Correlation Between Getty Images and Global Payment
Can any of the company-specific risk be diversified away by investing in both Getty Images and Global Payment 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 Global Payment 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 Global Payment Technologies, you can compare the effects of market volatilities on Getty Images and Global Payment 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 Global Payment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Images and Global Payment.
Diversification Opportunities for Getty Images and Global Payment
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Getty and Global is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Getty Images Holdings and Global Payment Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Payment Techn 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 Global Payment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Payment Techn has no effect on the direction of Getty Images i.e., Getty Images and Global Payment go up and down completely randomly.
Pair Corralation between Getty Images and Global Payment
If you would invest 0.01 in Global Payment Technologies on September 12, 2024 and sell it today you would earn a total of 0.00 from holding Global Payment Technologies or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Getty Images Holdings vs. Global Payment Technologies
Performance |
| Timeline |
| Getty Images Holdings |
| Global Payment Techn |
Getty Images and Global Payment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Images and Global Payment
The main advantage of trading using opposite Getty Images and Global Payment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Images position performs unexpectedly, Global Payment 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 Global Payment will offset losses from the drop in Global Payment's long position.| Getty Images vs. Twilio Inc | Getty Images vs. Baidu Inc | Getty Images vs. Snap Inc | Getty Images vs. ANGI Homeservices |
| Global Payment vs. Kaltura | Global Payment vs. FTAI Aviation Ltd | Global Payment vs. Hertz Global Holdings | Global Payment vs. Getty Images Holdings |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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