Correlation Between Getty Realty and Urstadt Biddle
Can any of the company-specific risk be diversified away by investing in both Getty Realty and Urstadt Biddle 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 Urstadt Biddle into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Realty and Urstadt Biddle Properties, you can compare the effects of market volatilities on Getty Realty and Urstadt Biddle 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 Urstadt Biddle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and Urstadt Biddle.
Diversification Opportunities for Getty Realty and Urstadt Biddle
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Getty and Urstadt is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and Urstadt Biddle Properties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Urstadt Biddle Properties 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 Urstadt Biddle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Urstadt Biddle Properties has no effect on the direction of Getty Realty i.e., Getty Realty and Urstadt Biddle go up and down completely randomly.
Pair Corralation between Getty Realty and Urstadt Biddle
Considering the 90-day investment horizon Getty Realty is expected to generate 40.68 times less return on investment than Urstadt Biddle. But when comparing it to its historical volatility, Getty Realty is 1.96 times less risky than Urstadt Biddle. It trades about 0.01 of its potential returns per unit of risk. Urstadt Biddle Properties is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 1,723 in Urstadt Biddle Properties on August 24, 2024 and sell it today you would earn a total of 551.00 from holding Urstadt Biddle Properties or generate 31.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 18.8% |
| Values | Daily Returns |
Getty Realty vs. Urstadt Biddle Properties
Performance |
| Timeline |
| Getty Realty |
| Urstadt Biddle Properties |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Getty Realty and Urstadt Biddle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and Urstadt Biddle
The main advantage of trading using opposite Getty Realty and Urstadt Biddle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, Urstadt Biddle 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 Urstadt Biddle will offset losses from the drop in Urstadt Biddle'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 |
| Urstadt Biddle vs. Kimco Realty | Urstadt Biddle vs. Saul Centers | Urstadt Biddle vs. Brixmor Property | Urstadt Biddle vs. Regency Centers |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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