Correlation Between Getty Realty and SunOpta
Can any of the company-specific risk be diversified away by investing in both Getty Realty and SunOpta 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 SunOpta into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Realty and SunOpta, you can compare the effects of market volatilities on Getty Realty and SunOpta 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 SunOpta. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and SunOpta.
Diversification Opportunities for Getty Realty and SunOpta
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Getty and SunOpta is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and SunOpta in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SunOpta 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 SunOpta. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SunOpta has no effect on the direction of Getty Realty i.e., Getty Realty and SunOpta go up and down completely randomly.
Pair Corralation between Getty Realty and SunOpta
Considering the 90-day investment horizon Getty Realty is expected to generate 5.37 times less return on investment than SunOpta. But when comparing it to its historical volatility, Getty Realty is 2.63 times less risky than SunOpta. It trades about 0.01 of its potential returns per unit of risk. SunOpta is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 761.00 in SunOpta on November 2, 2024 and sell it today you would lose (24.50) from holding SunOpta or give up 3.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Getty Realty vs. SunOpta
Performance |
| Timeline |
| Getty Realty |
| SunOpta |
Getty Realty and SunOpta Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and SunOpta
The main advantage of trading using opposite Getty Realty and SunOpta positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, SunOpta 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 SunOpta will offset losses from the drop in SunOpta'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 |
| SunOpta vs. Seneca Foods Corp | SunOpta vs. Central Garden Pet | SunOpta vs. Central Garden Pet | SunOpta vs. Natures Sunshine Products |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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