Correlation Between BAXTER and Getty Copper
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By analyzing existing cross correlation between BAXTER INTL INC and Getty Copper, you can compare the effects of market volatilities on BAXTER and Getty Copper 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 BAXTER with a short position of Getty Copper. Check out your portfolio center. Please also check ongoing floating volatility patterns of BAXTER and Getty Copper.
Diversification Opportunities for BAXTER and Getty Copper
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BAXTER and Getty is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BAXTER INTL INC and Getty Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Getty Copper and BAXTER 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 BAXTER INTL INC are associated (or correlated) with Getty Copper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Getty Copper has no effect on the direction of BAXTER i.e., BAXTER and Getty Copper go up and down completely randomly.
Pair Corralation between BAXTER and Getty Copper
Assuming the 90 days trading horizon BAXTER INTL INC is expected to under-perform the Getty Copper. But the bond apears to be less risky and, when comparing its historical volatility, BAXTER INTL INC is 24.41 times less risky than Getty Copper. The bond trades about -0.01 of its potential returns per unit of risk. The Getty Copper is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1.11 in Getty Copper on September 4, 2024 and sell it today you would earn a total of 3.77 from holding Getty Copper or generate 339.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.16% |
| Values | Daily Returns |
BAXTER INTL INC vs. Getty Copper
Performance |
| Timeline |
| BAXTER INTL INC |
| Getty Copper |
BAXTER and Getty Copper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BAXTER and Getty Copper
The main advantage of trading using opposite BAXTER and Getty Copper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BAXTER position performs unexpectedly, Getty Copper 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 Copper will offset losses from the drop in Getty Copper's long position.| BAXTER vs. Getty Copper | BAXTER vs. Solstad Offshore ASA | BAXTER vs. Highway Holdings Limited | BAXTER vs. WT Offshore |
| Getty Copper vs. OM Holdings Limited | Getty Copper vs. Cobalt Blue Holdings | Getty Copper vs. Metals X Limited |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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