Correlation Between Getty Realty and Lava Medtech
Can any of the company-specific risk be diversified away by investing in both Getty Realty and Lava Medtech 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 Lava Medtech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Realty and Lava Medtech Acquisition, you can compare the effects of market volatilities on Getty Realty and Lava Medtech 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 Lava Medtech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and Lava Medtech.
Diversification Opportunities for Getty Realty and Lava Medtech
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Getty and Lava is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and Lava Medtech Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lava Medtech Acquisition 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 Lava Medtech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lava Medtech Acquisition has no effect on the direction of Getty Realty i.e., Getty Realty and Lava Medtech go up and down completely randomly.
Pair Corralation between Getty Realty and Lava Medtech
If you would invest 2,787 in Getty Realty on September 3, 2024 and sell it today you would earn a total of 480.00 from holding Getty Realty or generate 17.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.32% |
| Values | Daily Returns |
Getty Realty vs. Lava Medtech Acquisition
Performance |
| Timeline |
| Getty Realty |
| Lava Medtech Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Getty Realty and Lava Medtech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and Lava Medtech
The main advantage of trading using opposite Getty Realty and Lava Medtech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, Lava Medtech 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 Lava Medtech will offset losses from the drop in Lava Medtech'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 |
| Lava Medtech vs. Merit Medical Systems | Lava Medtech vs. Verde Clean Fuels | Lava Medtech vs. KeyCorp | Lava Medtech vs. Freedom Bank of |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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