Correlation Between Getty Realty and NEWELL
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By analyzing existing cross correlation between Getty Realty and NEWELL BRANDS INC, you can compare the effects of market volatilities on Getty Realty and NEWELL 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 NEWELL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and NEWELL.
Diversification Opportunities for Getty Realty and NEWELL
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Getty and NEWELL is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and NEWELL BRANDS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEWELL BRANDS 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 NEWELL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEWELL BRANDS INC has no effect on the direction of Getty Realty i.e., Getty Realty and NEWELL go up and down completely randomly.
Pair Corralation between Getty Realty and NEWELL
Considering the 90-day investment horizon Getty Realty is expected to generate 0.8 times more return on investment than NEWELL. However, Getty Realty is 1.26 times less risky than NEWELL. It trades about 0.07 of its potential returns per unit of risk. NEWELL BRANDS INC is currently generating about -0.01 per unit of risk. If you would invest 2,704 in Getty Realty on September 4, 2024 and sell it today you would earn a total of 527.00 from holding Getty Realty or generate 19.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 47.37% |
| Values | Daily Returns |
Getty Realty vs. NEWELL BRANDS INC
Performance |
| Timeline |
| Getty Realty |
| NEWELL BRANDS INC |
Getty Realty and NEWELL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and NEWELL
The main advantage of trading using opposite Getty Realty and NEWELL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, NEWELL 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 NEWELL will offset losses from the drop in NEWELL'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 |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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