Correlation Between Getty Images and ALBERTSONS

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Can any of the company-specific risk be diversified away by investing in both Getty Images and ALBERTSONS 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 ALBERTSONS 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 ALBERTSONS INC 75, you can compare the effects of market volatilities on Getty Images and ALBERTSONS 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 ALBERTSONS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Images and ALBERTSONS.

Diversification Opportunities for Getty Images and ALBERTSONS

0.8
  Correlation Coefficient

Very poor diversification

The 3 months correlation between Getty and ALBERTSONS is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Getty Images Holdings and ALBERTSONS INC 75 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALBERTSONS INC 75 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 ALBERTSONS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALBERTSONS INC 75 has no effect on the direction of Getty Images i.e., Getty Images and ALBERTSONS go up and down completely randomly.

Pair Corralation between Getty Images and ALBERTSONS

Given the investment horizon of 90 days Getty Images Holdings is expected to under-perform the ALBERTSONS. In addition to that, Getty Images is 8.26 times more volatile than ALBERTSONS INC 75. It trades about -0.08 of its total potential returns per unit of risk. ALBERTSONS INC 75 is currently generating about 0.14 per unit of volatility. If you would invest  10,123  in ALBERTSONS INC 75 on September 12, 2024 and sell it today you would earn a total of  131.00  from holding ALBERTSONS INC 75 or generate 1.29% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthStrong
Accuracy32.81%
ValuesDaily Returns

Getty Images Holdings  vs.  ALBERTSONS INC 75

 Performance 
       Timeline  
Getty Images Holdings 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Getty Images Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unfluctuating performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long term up-swing for the company investors.
ALBERTSONS INC 75 

Risk-Adjusted Performance

11 of 100

 
Weak
 
Strong
Good
Compared to the overall equity markets, risk-adjusted returns on investments in ALBERTSONS INC 75 are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. Despite somewhat strong basic indicators, ALBERTSONS is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Getty Images and ALBERTSONS Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Getty Images and ALBERTSONS

The main advantage of trading using opposite Getty Images and ALBERTSONS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Images position performs unexpectedly, ALBERTSONS 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 ALBERTSONS will offset losses from the drop in ALBERTSONS's long position.
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The idea behind Getty Images Holdings and ALBERTSONS INC 75 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.

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