Correlation Between Getty Images and GENERAL
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By analyzing existing cross correlation between Getty Images Holdings and GENERAL ELEC CAP, you can compare the effects of market volatilities on Getty Images and GENERAL 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 GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Images and GENERAL.
Diversification Opportunities for Getty Images and GENERAL
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Getty and GENERAL is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Getty Images Holdings and GENERAL ELEC CAP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL ELEC CAP 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 GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL ELEC CAP has no effect on the direction of Getty Images i.e., Getty Images and GENERAL go up and down completely randomly.
Pair Corralation between Getty Images and GENERAL
Given the investment horizon of 90 days Getty Images Holdings is expected to under-perform the GENERAL. In addition to that, Getty Images is 2.57 times more volatile than GENERAL ELEC CAP. It trades about -0.08 of its total potential returns per unit of risk. GENERAL ELEC CAP is currently generating about -0.03 per unit of volatility. If you would invest 9,940 in GENERAL ELEC CAP on September 2, 2024 and sell it today you would lose (164.00) from holding GENERAL ELEC CAP or give up 1.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 48.44% |
| Values | Daily Returns |
Getty Images Holdings vs. GENERAL ELEC CAP
Performance |
| Timeline |
| Getty Images Holdings |
| GENERAL ELEC CAP |
Getty Images and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Images and GENERAL
The main advantage of trading using opposite Getty Images and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Images position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Getty Images vs. Twilio Inc | Getty Images vs. Baidu Inc | Getty Images vs. Snap Inc | Getty Images vs. ANGI Homeservices |
| GENERAL vs. Barings BDC | GENERAL vs. Mills Music Trust | GENERAL vs. HUTCHMED DRC | GENERAL vs. Juniata Valley Financial |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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