Correlation Between Getty Realty and Creative Media
Can any of the company-specific risk be diversified away by investing in both Getty Realty and Creative Media 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 Creative Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Realty and Creative Media Community, you can compare the effects of market volatilities on Getty Realty and Creative Media 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 Creative Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and Creative Media.
Diversification Opportunities for Getty Realty and Creative Media
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Getty and Creative is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and Creative Media Community in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Creative Media Community 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 Creative Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Creative Media Community has no effect on the direction of Getty Realty i.e., Getty Realty and Creative Media go up and down completely randomly.
Pair Corralation between Getty Realty and Creative Media
Considering the 90-day investment horizon Getty Realty is expected to generate 0.28 times more return on investment than Creative Media. However, Getty Realty is 3.61 times less risky than Creative Media. It trades about 0.03 of its potential returns per unit of risk. Creative Media Community is currently generating about -0.1 per unit of risk. If you would invest 2,961 in Getty Realty on August 30, 2024 and sell it today you would earn a total of 370.00 from holding Getty Realty or generate 12.5% 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. Creative Media Community
Performance |
| Timeline |
| Getty Realty |
| Creative Media Community |
Getty Realty and Creative Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and Creative Media
The main advantage of trading using opposite Getty Realty and Creative Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, Creative Media 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 Creative Media will offset losses from the drop in Creative Media'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 |
| Creative Media vs. Office Properties Income | Creative Media vs. SL Green Realty | Creative Media vs. Highwoods Properties | Creative Media vs. Equity Commonwealth |
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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