Correlation Between Getty Images and Mapletree Industrial
Can any of the company-specific risk be diversified away by investing in both Getty Images and Mapletree Industrial 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 Mapletree Industrial 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 Mapletree Industrial Trust, you can compare the effects of market volatilities on Getty Images and Mapletree Industrial 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 Mapletree Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Images and Mapletree Industrial.
Diversification Opportunities for Getty Images and Mapletree Industrial
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Getty and Mapletree is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Getty Images Holdings and Mapletree Industrial Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mapletree Industrial 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 Mapletree Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mapletree Industrial has no effect on the direction of Getty Images i.e., Getty Images and Mapletree Industrial go up and down completely randomly.
Pair Corralation between Getty Images and Mapletree Industrial
Given the investment horizon of 90 days Getty Images Holdings is expected to generate 2.78 times more return on investment than Mapletree Industrial. However, Getty Images is 2.78 times more volatile than Mapletree Industrial Trust. It trades about -0.04 of its potential returns per unit of risk. Mapletree Industrial Trust is currently generating about -0.13 per unit of risk. If you would invest 401.00 in Getty Images Holdings on September 3, 2024 and sell it today you would lose (109.00) from holding Getty Images Holdings or give up 27.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 44.58% |
| Values | Daily Returns |
Getty Images Holdings vs. Mapletree Industrial Trust
Performance |
| Timeline |
| Getty Images Holdings |
| Mapletree Industrial |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Getty Images and Mapletree Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Images and Mapletree Industrial
The main advantage of trading using opposite Getty Images and Mapletree Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Images position performs unexpectedly, Mapletree Industrial 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 Mapletree Industrial will offset losses from the drop in Mapletree Industrial's long position.| Getty Images vs. Twilio Inc | Getty Images vs. Baidu Inc | Getty Images vs. Snap Inc | Getty Images vs. ANGI Homeservices |
| Mapletree Industrial vs. Griffon | Mapletree Industrial vs. Udemy Inc | Mapletree Industrial vs. Coursera | Mapletree Industrial vs. Apogee Enterprises |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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