Correlation Between Getty Copper and ATT
Can any of the company-specific risk be diversified away by investing in both Getty Copper and ATT 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 ATT into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Copper and ATT Inc, you can compare the effects of market volatilities on Getty Copper and ATT 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 ATT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Copper and ATT.
Diversification Opportunities for Getty Copper and ATT
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Getty and ATT is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Getty Copper and ATT Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATT Inc 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 ATT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATT Inc has no effect on the direction of Getty Copper i.e., Getty Copper and ATT go up and down completely randomly.
Pair Corralation between Getty Copper and ATT
Assuming the 90 days horizon Getty Copper is expected to generate 11.1 times more return on investment than ATT. However, Getty Copper is 11.1 times more volatile than ATT Inc. It trades about 0.13 of its potential returns per unit of risk. ATT Inc is currently generating about 0.16 per unit of risk. If you would invest 1.11 in Getty Copper on September 3, 2024 and sell it today you would earn a total of 3.77 from holding Getty Copper or generate 339.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.21% |
| Values | Daily Returns |
Getty Copper vs. ATT Inc
Performance |
| Timeline |
| Getty Copper |
| ATT Inc |
Getty Copper and ATT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Copper and ATT
The main advantage of trading using opposite Getty Copper and ATT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Copper position performs unexpectedly, ATT 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 ATT will offset losses from the drop in ATT's long position.| Getty Copper vs. Qubec Nickel Corp | Getty Copper vs. IGO Limited | Getty Copper vs. Avarone Metals | Getty Copper vs. Adriatic Metals PLC |
| ATT vs. Highway Holdings Limited | ATT vs. QCR Holdings | ATT vs. Partner Communications | ATT vs. Acumen Pharmaceuticals |
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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