Correlation Between Getty Realty and Global Gas
Can any of the company-specific risk be diversified away by investing in both Getty Realty and Global Gas 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 Global Gas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Realty and Global Gas, you can compare the effects of market volatilities on Getty Realty and Global Gas 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 Global Gas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and Global Gas.
Diversification Opportunities for Getty Realty and Global Gas
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Getty and Global is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and Global Gas in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Gas 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 Global Gas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Gas has no effect on the direction of Getty Realty i.e., Getty Realty and Global Gas go up and down completely randomly.
Pair Corralation between Getty Realty and Global Gas
If you would invest 3,191 in Getty Realty on August 31, 2024 and sell it today you would earn a total of 140.00 from holding Getty Realty or generate 4.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Getty Realty vs. Global Gas
Performance |
| Timeline |
| Getty Realty |
| Global Gas |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Getty Realty and Global Gas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and Global Gas
The main advantage of trading using opposite Getty Realty and Global Gas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, Global Gas 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 Global Gas will offset losses from the drop in Global Gas' long position.| Getty Realty vs. Regency Centers | Getty Realty vs. Site Centers Corp | Getty Realty vs. Brixmor Property | Getty Realty vs. Tanger Factory Outlet |
| Global Gas vs. Codexis | Global Gas vs. Relx PLC ADR | Global Gas vs. Zane Interactive Publishing | Global Gas vs. Lincoln Educational Services |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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