Correlation Between Getty Realty and 00108WAF7
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By analyzing existing cross correlation between Getty Realty and AEP TEX INC, you can compare the effects of market volatilities on Getty Realty and 00108WAF7 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 00108WAF7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and 00108WAF7.
Diversification Opportunities for Getty Realty and 00108WAF7
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Getty and 00108WAF7 is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and AEP TEX INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AEP TEX INC 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 00108WAF7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AEP TEX INC has no effect on the direction of Getty Realty i.e., Getty Realty and 00108WAF7 go up and down completely randomly.
Pair Corralation between Getty Realty and 00108WAF7
Considering the 90-day investment horizon Getty Realty is expected to generate 5.87 times less return on investment than 00108WAF7. But when comparing it to its historical volatility, Getty Realty is 2.02 times less risky than 00108WAF7. It trades about 0.11 of its potential returns per unit of risk. AEP TEX INC is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 7,441 in AEP TEX INC on September 4, 2024 and sell it today you would earn a total of 780.00 from holding AEP TEX INC or generate 10.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 61.9% |
| Values | Daily Returns |
Getty Realty vs. AEP TEX INC
Performance |
| Timeline |
| Getty Realty |
| AEP TEX INC |
Getty Realty and 00108WAF7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and 00108WAF7
The main advantage of trading using opposite Getty Realty and 00108WAF7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, 00108WAF7 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 00108WAF7 will offset losses from the drop in 00108WAF7'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 |
| 00108WAF7 vs. Getty Realty | 00108WAF7 vs. Fortress Transp Infra | 00108WAF7 vs. Broadstone Net Lease | 00108WAF7 vs. Triton International Limited |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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