Correlation Between Getty Images and Yunji
Can any of the company-specific risk be diversified away by investing in both Getty Images and Yunji 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 Yunji 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 Yunji Inc, you can compare the effects of market volatilities on Getty Images and Yunji 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 Yunji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Images and Yunji.
Diversification Opportunities for Getty Images and Yunji
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Getty and Yunji is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Getty Images Holdings and Yunji Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunji Inc 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 Yunji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunji Inc has no effect on the direction of Getty Images i.e., Getty Images and Yunji go up and down completely randomly.
Pair Corralation between Getty Images and Yunji
Given the investment horizon of 90 days Getty Images Holdings is expected to generate 0.63 times more return on investment than Yunji. However, Getty Images Holdings is 1.59 times less risky than Yunji. It trades about -0.01 of its potential returns per unit of risk. Yunji Inc is currently generating about -0.03 per unit of risk. If you would invest 447.00 in Getty Images Holdings on December 6, 2024 and sell it today you would lose (244.00) from holding Getty Images Holdings or give up 54.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Getty Images Holdings vs. Yunji Inc
Performance |
| Timeline |
| Getty Images Holdings |
| Yunji Inc |
Getty Images and Yunji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Images and Yunji
The main advantage of trading using opposite Getty Images and Yunji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Images position performs unexpectedly, Yunji 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 Yunji will offset losses from the drop in Yunji's long position.| Getty Images vs. Twilio Inc | Getty Images vs. Baidu Inc | Getty Images vs. Snap Inc | Getty Images vs. ANGI Homeservices |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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