Correlation Between Getty Images and Ardagh
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By analyzing existing cross correlation between Getty Images Holdings and Ardagh Holdings USA, you can compare the effects of market volatilities on Getty Images and Ardagh 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 Ardagh. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Images and Ardagh.
Diversification Opportunities for Getty Images and Ardagh
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Getty and Ardagh is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Getty Images Holdings and Ardagh Holdings USA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ardagh Holdings USA 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 Ardagh. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ardagh Holdings USA has no effect on the direction of Getty Images i.e., Getty Images and Ardagh go up and down completely randomly.
Pair Corralation between Getty Images and Ardagh
Given the investment horizon of 90 days Getty Images Holdings is expected to under-perform the Ardagh. But the stock apears to be less risky and, when comparing its historical volatility, Getty Images Holdings is 11.07 times less risky than Ardagh. The stock trades about 0.0 of its potential returns per unit of risk. The Ardagh Holdings USA is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 7,766 in Ardagh Holdings USA on September 3, 2024 and sell it today you would lose (2,316) from holding Ardagh Holdings USA or give up 29.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 83.43% |
| Values | Daily Returns |
Getty Images Holdings vs. Ardagh Holdings USA
Performance |
| Timeline |
| Getty Images Holdings |
| Ardagh Holdings USA |
Getty Images and Ardagh Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Images and Ardagh
The main advantage of trading using opposite Getty Images and Ardagh positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Images position performs unexpectedly, Ardagh 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 Ardagh will offset losses from the drop in Ardagh's long position.| Getty Images vs. Twilio Inc | Getty Images vs. Baidu Inc | Getty Images vs. Snap Inc | Getty Images vs. ANGI Homeservices |
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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