Correlation Between Getty Realty and Granite Falls
Can any of the company-specific risk be diversified away by investing in both Getty Realty and Granite Falls 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 Granite Falls into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Realty and Granite Falls Energy, you can compare the effects of market volatilities on Getty Realty and Granite Falls 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 Granite Falls. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and Granite Falls.
Diversification Opportunities for Getty Realty and Granite Falls
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Getty and Granite is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and Granite Falls Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Granite Falls Energy 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 Granite Falls. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Granite Falls Energy has no effect on the direction of Getty Realty i.e., Getty Realty and Granite Falls go up and down completely randomly.
Pair Corralation between Getty Realty and Granite Falls
If you would invest 3,227 in Getty Realty on September 12, 2024 and sell it today you would earn a total of 1.00 from holding Getty Realty or generate 0.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Getty Realty vs. Granite Falls Energy
Performance |
| Timeline |
| Getty Realty |
| Granite Falls Energy |
Getty Realty and Granite Falls Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and Granite Falls
The main advantage of trading using opposite Getty Realty and Granite Falls positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, Granite Falls 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 Granite Falls will offset losses from the drop in Granite Falls' long position.| Getty Realty vs. Regency Centers | Getty Realty vs. Site Centers Corp | Getty Realty vs. Brixmor Property | Getty Realty vs. Tanger Factory Outlet |
| Granite Falls vs. Cedar Realty Trust | Granite Falls vs. Spyre Therapeutics | Granite Falls vs. Coupang LLC | Granite Falls vs. Apogee Therapeutics, Common |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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