Correlation Between Getty Realty and NORDSTROM
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By analyzing existing cross correlation between Getty Realty and NORDSTROM INC 695, you can compare the effects of market volatilities on Getty Realty and NORDSTROM 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 NORDSTROM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Realty and NORDSTROM.
Diversification Opportunities for Getty Realty and NORDSTROM
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Getty and NORDSTROM is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Getty Realty and NORDSTROM INC 695 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NORDSTROM INC 695 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 NORDSTROM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NORDSTROM INC 695 has no effect on the direction of Getty Realty i.e., Getty Realty and NORDSTROM go up and down completely randomly.
Pair Corralation between Getty Realty and NORDSTROM
Considering the 90-day investment horizon Getty Realty is expected to generate 2.11 times more return on investment than NORDSTROM. However, Getty Realty is 2.11 times more volatile than NORDSTROM INC 695. It trades about 0.19 of its potential returns per unit of risk. NORDSTROM INC 695 is currently generating about -0.13 per unit of risk. If you would invest 3,139 in Getty Realty on September 1, 2024 and sell it today you would earn a total of 149.00 from holding Getty Realty or generate 4.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Getty Realty vs. NORDSTROM INC 695
Performance |
| Timeline |
| Getty Realty |
| NORDSTROM INC 695 |
Getty Realty and NORDSTROM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Realty and NORDSTROM
The main advantage of trading using opposite Getty Realty and NORDSTROM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Realty position performs unexpectedly, NORDSTROM 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 NORDSTROM will offset losses from the drop in NORDSTROM's long position.| Getty Realty vs. Federal Realty Investment | Getty Realty vs. National Retail Properties | Getty Realty vs. Kimco Realty | Getty Realty vs. Simon Property Group |
| NORDSTROM vs. National Vision Holdings | NORDSTROM vs. Getty Realty | NORDSTROM vs. Simon Property Group | NORDSTROM vs. Old Republic International |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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