Correlation Between Getty Realty and Umpqua Holdings
Can any of the company-specific risk be diversified away by investing in both Getty Realty and Umpqua Holdings 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 Umpqua Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Realty and Umpqua Holdings, you can compare the effects of market volatilities on Getty Realty and Umpqua Holdings 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 Umpqua Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and Umpqua Holdings.
Diversification Opportunities for Getty Realty and Umpqua Holdings
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Getty and Umpqua is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and Umpqua Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Umpqua Holdings 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 Umpqua Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Umpqua Holdings has no effect on the direction of Getty Realty i.e., Getty Realty and Umpqua Holdings go up and down completely randomly.
Pair Corralation between Getty Realty and Umpqua Holdings
If you would invest 3,130 in Getty Realty on September 15, 2024 and sell it today you would earn a total of 76.00 from holding Getty Realty or generate 2.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Getty Realty vs. Umpqua Holdings
Performance |
| Timeline |
| Getty Realty |
| Umpqua Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Getty Realty and Umpqua Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and Umpqua Holdings
The main advantage of trading using opposite Getty Realty and Umpqua Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, Umpqua Holdings 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 Umpqua Holdings will offset losses from the drop in Umpqua Holdings' long position.| Getty Realty vs. Site Centers Corp | Getty Realty vs. CBL Associates Properties | Getty Realty vs. Urban Edge Properties | Getty Realty vs. Acadia Realty Trust |
| Umpqua Holdings vs. Getty Realty | Umpqua Holdings vs. Lululemon Athletica | Umpqua Holdings vs. Molson Coors Brewing | Umpqua Holdings vs. Sea |
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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