Correlation Between Getty Realty and Acumen Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both Getty Realty and Acumen Pharmaceuticals 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 Realty and Acumen Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Realty and Acumen Pharmaceuticals, you can compare the effects of market volatilities on Getty Realty and Acumen Pharmaceuticals 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 Realty with a short position of Acumen Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and Acumen Pharmaceuticals.
Diversification Opportunities for Getty Realty and Acumen Pharmaceuticals
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Getty and Acumen is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and Acumen Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acumen Pharmaceuticals and Getty Realty 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 Realty are associated (or correlated) with Acumen Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acumen Pharmaceuticals has no effect on the direction of Getty Realty i.e., Getty Realty and Acumen Pharmaceuticals go up and down completely randomly.
Pair Corralation between Getty Realty and Acumen Pharmaceuticals
Considering the 90-day investment horizon Getty Realty is expected to generate 0.21 times more return on investment than Acumen Pharmaceuticals. However, Getty Realty is 4.74 times less risky than Acumen Pharmaceuticals. It trades about 0.15 of its potential returns per unit of risk. Acumen Pharmaceuticals is currently generating about -0.18 per unit of risk. If you would invest 3,210 in Getty Realty on August 30, 2024 and sell it today you would earn a total of 121.00 from holding Getty Realty or generate 3.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Getty Realty vs. Acumen Pharmaceuticals
Performance |
| Timeline |
| Getty Realty |
| Acumen Pharmaceuticals |
Getty Realty and Acumen Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and Acumen Pharmaceuticals
The main advantage of trading using opposite Getty Realty and Acumen Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, Acumen Pharmaceuticals 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 Acumen Pharmaceuticals will offset losses from the drop in Acumen Pharmaceuticals' long position.| Getty Realty vs. Regency Centers | Getty Realty vs. Site Centers Corp | Getty Realty vs. Brixmor Property | Getty Realty vs. Tanger Factory Outlet |
| Acumen Pharmaceuticals vs. Bright Minds Biosciences | Acumen Pharmaceuticals vs. HP Inc | Acumen Pharmaceuticals vs. Intel | Acumen Pharmaceuticals vs. Chevron Corp |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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