Correlation Between Getty Images and SPENN Technology
Can any of the company-specific risk be diversified away by investing in both Getty Images and SPENN Technology 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 SPENN Technology 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 SPENN Technology AS, you can compare the effects of market volatilities on Getty Images and SPENN Technology 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 SPENN Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Images and SPENN Technology.
Diversification Opportunities for Getty Images and SPENN Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Getty and SPENN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Getty Images Holdings and SPENN Technology AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPENN Technology 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 SPENN Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPENN Technology has no effect on the direction of Getty Images i.e., Getty Images and SPENN Technology go up and down completely randomly.
Pair Corralation between Getty Images and SPENN Technology
Given the investment horizon of 90 days Getty Images Holdings is expected to under-perform the SPENN Technology. In addition to that, Getty Images is 1.29 times more volatile than SPENN Technology AS. It trades about -0.05 of its total potential returns per unit of risk. SPENN Technology AS is currently generating about -0.06 per unit of volatility. If you would invest 121.00 in SPENN Technology AS on September 4, 2024 and sell it today you would lose (60.00) from holding SPENN Technology AS or give up 49.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Getty Images Holdings vs. SPENN Technology AS
Performance |
| Timeline |
| Getty Images Holdings |
| SPENN Technology |
Getty Images and SPENN Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Images and SPENN Technology
The main advantage of trading using opposite Getty Images and SPENN Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Images position performs unexpectedly, SPENN Technology 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 SPENN Technology will offset losses from the drop in SPENN Technology's long position.| Getty Images vs. Twilio Inc | Getty Images vs. Baidu Inc | Getty Images vs. Snap Inc | Getty Images vs. ANGI Homeservices |
| SPENN Technology vs. Legacy Education | SPENN Technology vs. Apple Inc | SPENN Technology vs. NVIDIA | SPENN Technology vs. Microsoft |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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