Correlation Between Getty Copper and Eastman Kodak
Can any of the company-specific risk be diversified away by investing in both Getty Copper and Eastman Kodak 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 Copper and Eastman Kodak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Copper and Eastman Kodak Co, you can compare the effects of market volatilities on Getty Copper and Eastman Kodak 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 Copper with a short position of Eastman Kodak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Copper and Eastman Kodak.
Diversification Opportunities for Getty Copper and Eastman Kodak
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Getty and Eastman is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Getty Copper and Eastman Kodak Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastman Kodak and Getty Copper 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 Copper are associated (or correlated) with Eastman Kodak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastman Kodak has no effect on the direction of Getty Copper i.e., Getty Copper and Eastman Kodak go up and down completely randomly.
Pair Corralation between Getty Copper and Eastman Kodak
If you would invest 550.00 in Eastman Kodak Co on September 13, 2024 and sell it today you would earn a total of 116.00 from holding Eastman Kodak Co or generate 21.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Getty Copper vs. Eastman Kodak Co
Performance |
| Timeline |
| Getty Copper |
| Eastman Kodak |
Getty Copper and Eastman Kodak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Copper and Eastman Kodak
The main advantage of trading using opposite Getty Copper and Eastman Kodak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Copper position performs unexpectedly, Eastman Kodak 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 Eastman Kodak will offset losses from the drop in Eastman Kodak's long position.| Getty Copper vs. OM Holdings Limited | Getty Copper vs. Cobalt Blue Holdings | Getty Copper vs. Metals X Limited |
| Eastman Kodak vs. SMX Public Limited | Eastman Kodak vs. System1 | Eastman Kodak vs. Lichen China Limited | Eastman Kodak vs. Team Inc |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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