Correlation Between Getty Realty and INTERNATIONAL
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By analyzing existing cross correlation between Getty Realty and INTERNATIONAL PAPER 435, you can compare the effects of market volatilities on Getty Realty and INTERNATIONAL 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 INTERNATIONAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and INTERNATIONAL.
Diversification Opportunities for Getty Realty and INTERNATIONAL
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Getty and INTERNATIONAL is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and INTERNATIONAL PAPER 435 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERNATIONAL PAPER 435 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 INTERNATIONAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTERNATIONAL PAPER 435 has no effect on the direction of Getty Realty i.e., Getty Realty and INTERNATIONAL go up and down completely randomly.
Pair Corralation between Getty Realty and INTERNATIONAL
Considering the 90-day investment horizon Getty Realty is expected to generate 0.93 times more return on investment than INTERNATIONAL. However, Getty Realty is 1.08 times less risky than INTERNATIONAL. It trades about 0.09 of its potential returns per unit of risk. INTERNATIONAL PAPER 435 is currently generating about -0.05 per unit of risk. If you would invest 3,133 in Getty Realty on September 3, 2024 and sell it today you would earn a total of 155.00 from holding Getty Realty or generate 4.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 56.25% |
| Values | Daily Returns |
Getty Realty vs. INTERNATIONAL PAPER 435
Performance |
| Timeline |
| Getty Realty |
| INTERNATIONAL PAPER 435 |
Getty Realty and INTERNATIONAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and INTERNATIONAL
The main advantage of trading using opposite Getty Realty and INTERNATIONAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, INTERNATIONAL 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 INTERNATIONAL will offset losses from the drop in INTERNATIONAL'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 |
| INTERNATIONAL vs. Getty Realty | INTERNATIONAL vs. Olympic Steel | INTERNATIONAL vs. Acme United | INTERNATIONAL vs. National Vision Holdings |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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