Correlation Between Umpqua Holdings and Getty Realty
Can any of the company-specific risk be diversified away by investing in both Umpqua Holdings 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 Umpqua Holdings and Getty Realty into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Umpqua Holdings and Getty Realty, you can compare the effects of market volatilities on Umpqua Holdings 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 Umpqua Holdings with a short position of Getty Realty. Check out your portfolio center. Please also check ongoing floating volatility patterns of Umpqua Holdings and Getty Realty.
Diversification Opportunities for Umpqua Holdings and Getty Realty
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Umpqua and Getty is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Umpqua Holdings and Getty Realty in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Getty Realty and Umpqua Holdings 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 Umpqua Holdings 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 Umpqua Holdings i.e., Umpqua Holdings and Getty Realty go up and down completely randomly.
Pair Corralation between Umpqua Holdings and Getty Realty
If you would invest 2,727 in Getty Realty on September 15, 2024 and sell it today you would earn a total of 479.00 from holding Getty Realty or generate 17.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 0.37% |
| Values | Daily Returns |
Umpqua Holdings vs. Getty Realty
Performance |
| Timeline |
| Umpqua Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Getty Realty |
Umpqua Holdings and Getty Realty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Umpqua Holdings and Getty Realty
The main advantage of trading using opposite Umpqua Holdings and Getty Realty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Umpqua Holdings 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.| Umpqua Holdings vs. Getty Realty | Umpqua Holdings vs. Lululemon Athletica | Umpqua Holdings vs. Molson Coors Brewing | Umpqua Holdings vs. Sea |
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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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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