Correlation Between Getty Realty and Anterix
Can any of the company-specific risk be diversified away by investing in both Getty Realty and Anterix 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 Anterix into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Realty and Anterix, you can compare the effects of market volatilities on Getty Realty and Anterix 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 Anterix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and Anterix.
Diversification Opportunities for Getty Realty and Anterix
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Getty and Anterix is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and Anterix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anterix 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 Anterix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anterix has no effect on the direction of Getty Realty i.e., Getty Realty and Anterix go up and down completely randomly.
Pair Corralation between Getty Realty and Anterix
Considering the 90-day investment horizon Getty Realty is expected to generate 4.03 times less return on investment than Anterix. But when comparing it to its historical volatility, Getty Realty is 2.03 times less risky than Anterix. It trades about 0.01 of its potential returns per unit of risk. Anterix is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 3,087 in Anterix on September 13, 2024 and sell it today you would earn a total of 329.00 from holding Anterix or generate 10.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Getty Realty vs. Anterix
Performance |
| Timeline |
| Getty Realty |
| Anterix |
Getty Realty and Anterix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and Anterix
The main advantage of trading using opposite Getty Realty and Anterix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, Anterix 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 Anterix will offset losses from the drop in Anterix's long position.| Getty Realty vs. Regency Centers | Getty Realty vs. Site Centers Corp | Getty Realty vs. Brixmor Property | Getty Realty vs. Tanger Factory Outlet |
| Anterix vs. Shenandoah Telecommunications Co | Anterix vs. Liberty Broadband Corp | Anterix vs. Ooma Inc | Anterix vs. IDT Corporation |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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