Correlation Between Getty Realty and CARPENTER
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By analyzing existing cross correlation between Getty Realty and CARPENTER TECHNOLOGY P, you can compare the effects of market volatilities on Getty Realty and CARPENTER 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 CARPENTER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and CARPENTER.
Diversification Opportunities for Getty Realty and CARPENTER
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Getty and CARPENTER is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and CARPENTER TECHNOLOGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARPENTER TECHNOLOGY 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 CARPENTER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARPENTER TECHNOLOGY has no effect on the direction of Getty Realty i.e., Getty Realty and CARPENTER go up and down completely randomly.
Pair Corralation between Getty Realty and CARPENTER
Considering the 90-day investment horizon Getty Realty is expected to generate 2.48 times more return on investment than CARPENTER. However, Getty Realty is 2.48 times more volatile than CARPENTER TECHNOLOGY P. It trades about 0.01 of its potential returns per unit of risk. CARPENTER TECHNOLOGY P is currently generating about 0.01 per unit of risk. If you would invest 3,150 in Getty Realty on September 12, 2024 and sell it today you would earn a total of 85.00 from holding Getty Realty or generate 2.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.73% |
| Values | Daily Returns |
Getty Realty vs. CARPENTER TECHNOLOGY P
Performance |
| Timeline |
| Getty Realty |
| CARPENTER TECHNOLOGY |
Getty Realty and CARPENTER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and CARPENTER
The main advantage of trading using opposite Getty Realty and CARPENTER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, CARPENTER 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 CARPENTER will offset losses from the drop in CARPENTER'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 |
| CARPENTER vs. Merit Medical Systems | CARPENTER vs. Neogen | CARPENTER vs. SunLink Health Systems | CARPENTER vs. Luxfer Holdings PLC |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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