Correlation Between Getty Realty and Bitcoin Depot
Can any of the company-specific risk be diversified away by investing in both Getty Realty and Bitcoin Depot 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 Bitcoin Depot into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Realty and Bitcoin Depot, you can compare the effects of market volatilities on Getty Realty and Bitcoin Depot 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 Bitcoin Depot. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and Bitcoin Depot.
Diversification Opportunities for Getty Realty and Bitcoin Depot
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Getty and Bitcoin is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and Bitcoin Depot in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bitcoin Depot 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 Bitcoin Depot. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitcoin Depot has no effect on the direction of Getty Realty i.e., Getty Realty and Bitcoin Depot go up and down completely randomly.
Pair Corralation between Getty Realty and Bitcoin Depot
Considering the 90-day investment horizon Getty Realty is expected to generate 17.72 times less return on investment than Bitcoin Depot. But when comparing it to its historical volatility, Getty Realty is 15.56 times less risky than Bitcoin Depot. It trades about 0.17 of its potential returns per unit of risk. Bitcoin Depot is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 5.00 in Bitcoin Depot on August 31, 2024 and sell it today you would earn a total of 3.15 from holding Bitcoin Depot or generate 63.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Getty Realty vs. Bitcoin Depot
Performance |
| Timeline |
| Getty Realty |
| Bitcoin Depot |
Getty Realty and Bitcoin Depot Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and Bitcoin Depot
The main advantage of trading using opposite Getty Realty and Bitcoin Depot positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, Bitcoin Depot 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 Bitcoin Depot will offset losses from the drop in Bitcoin Depot'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 |
| Bitcoin Depot vs. PJT Partners | Bitcoin Depot vs. Piper Sandler Companies | Bitcoin Depot vs. Evercore Partners | Bitcoin Depot vs. Moelis Co |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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