Correlation Between GENERAL and Getty Images
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By analyzing existing cross correlation between GENERAL ELEC CAP and Getty Images Holdings, you can compare the effects of market volatilities on GENERAL and Getty Images 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 GENERAL with a short position of Getty Images. Check out your portfolio center. Please also check ongoing floating volatility patterns of GENERAL and Getty Images.
Diversification Opportunities for GENERAL and Getty Images
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between GENERAL and Getty is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding GENERAL ELEC CAP and Getty Images Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Getty Images Holdings and GENERAL 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 GENERAL ELEC CAP are associated (or correlated) with Getty Images. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Getty Images Holdings has no effect on the direction of GENERAL i.e., GENERAL and Getty Images go up and down completely randomly.
Pair Corralation between GENERAL and Getty Images
Assuming the 90 days trading horizon GENERAL ELEC CAP is expected to generate 0.16 times more return on investment than Getty Images. However, GENERAL ELEC CAP is 6.42 times less risky than Getty Images. It trades about -0.16 of its potential returns per unit of risk. Getty Images Holdings is currently generating about -0.26 per unit of risk. If you would invest 9,957 in GENERAL ELEC CAP on September 2, 2024 and sell it today you would lose (181.00) from holding GENERAL ELEC CAP or give up 1.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 61.9% |
| Values | Daily Returns |
GENERAL ELEC CAP vs. Getty Images Holdings
Performance |
| Timeline |
| GENERAL ELEC CAP |
| Getty Images Holdings |
GENERAL and Getty Images Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GENERAL and Getty Images
The main advantage of trading using opposite GENERAL and Getty Images positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GENERAL position performs unexpectedly, Getty Images 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 Images will offset losses from the drop in Getty Images' long position.| GENERAL vs. Barings BDC | GENERAL vs. Mills Music Trust | GENERAL vs. HUTCHMED DRC | GENERAL vs. Juniata Valley Financial |
| Getty Images vs. Twilio Inc | Getty Images vs. Baidu Inc | Getty Images vs. Snap Inc | Getty Images vs. ANGI Homeservices |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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