Correlation Between Getty Realty and Genworth
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By analyzing existing cross correlation between Getty Realty and Genworth Financial 7629, you can compare the effects of market volatilities on Getty Realty and Genworth 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 Genworth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and Genworth.
Diversification Opportunities for Getty Realty and Genworth
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Getty and Genworth is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and Genworth Financial 7629 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genworth Financial 7629 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 Genworth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genworth Financial 7629 has no effect on the direction of Getty Realty i.e., Getty Realty and Genworth go up and down completely randomly.
Pair Corralation between Getty Realty and Genworth
Considering the 90-day investment horizon Getty Realty is expected to generate 0.89 times more return on investment than Genworth. However, Getty Realty is 1.13 times less risky than Genworth. It trades about 0.01 of its potential returns per unit of risk. Genworth Financial 7629 is currently generating about -0.07 per unit of risk. If you would invest 3,252 in Getty Realty on August 29, 2024 and sell it today you would earn a total of 3.00 from holding Getty Realty or generate 0.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 65.22% |
| Values | Daily Returns |
Getty Realty vs. Genworth Financial 7629
Performance |
| Timeline |
| Getty Realty |
| Genworth Financial 7629 |
Getty Realty and Genworth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and Genworth
The main advantage of trading using opposite Getty Realty and Genworth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, Genworth 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 Genworth will offset losses from the drop in Genworth'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 |
| Genworth vs. Asbury Automotive Group | Genworth vs. PennantPark Floating Rate | Genworth vs. US Global Investors | Genworth vs. Getty Realty |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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