Correlation Between Netstreit Corp and Getty Realty
Can any of the company-specific risk be diversified away by investing in both Netstreit Corp and Getty Realty at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Netstreit Corp and Getty Realty into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Netstreit Corp and Getty Realty, you can compare the effects of market volatilities on Netstreit Corp and Getty Realty 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 Netstreit Corp with a short position of Getty Realty. Check out your portfolio center. Please also check ongoing floating volatility patterns of Netstreit Corp and Getty Realty.
Diversification Opportunities for Netstreit Corp and Getty Realty
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Netstreit and Getty is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Netstreit Corp and Getty Realty in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Getty Realty and Netstreit Corp 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 Netstreit Corp are associated (or correlated) with Getty Realty. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Getty Realty has no effect on the direction of Netstreit Corp i.e., Netstreit Corp and Getty Realty go up and down completely randomly.
Pair Corralation between Netstreit Corp and Getty Realty
Given the investment horizon of 90 days Netstreit Corp is expected to generate 7.62 times less return on investment than Getty Realty. In addition to that, Netstreit Corp is 1.22 times more volatile than Getty Realty. It trades about 0.0 of its total potential returns per unit of risk. Getty Realty is currently generating about 0.03 per unit of volatility. If you would invest 2,961 in Getty Realty on August 26, 2024 and sell it today you would earn a total of 294.00 from holding Getty Realty or generate 9.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Netstreit Corp vs. Getty Realty
Performance |
| Timeline |
| Netstreit Corp |
| Getty Realty |
Netstreit Corp and Getty Realty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Netstreit Corp and Getty Realty
The main advantage of trading using opposite Netstreit Corp and Getty Realty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Netstreit Corp position performs unexpectedly, Getty Realty 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 Getty Realty will offset losses from the drop in Getty Realty's long position.| Netstreit Corp vs. Four Corners Property | Netstreit Corp vs. Getty Realty | Netstreit Corp vs. Saul Centers | Netstreit Corp vs. Site Centers Corp |
| Getty Realty vs. Site Centers Corp | Getty Realty vs. Inventrust Properties Corp | Getty Realty vs. Retail Opportunity Investments | Getty Realty vs. Netstreit Corp |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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