Correlation Between INTERNATIONAL and Getty Realty
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By analyzing existing cross correlation between INTERNATIONAL PAPER 435 and Getty Realty, you can compare the effects of market volatilities on INTERNATIONAL 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 INTERNATIONAL with a short position of Getty Realty. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERNATIONAL and Getty Realty.
Diversification Opportunities for INTERNATIONAL and Getty Realty
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between INTERNATIONAL and Getty is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding INTERNATIONAL PAPER 435 and Getty Realty in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Getty Realty and INTERNATIONAL 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 INTERNATIONAL PAPER 435 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 INTERNATIONAL i.e., INTERNATIONAL and Getty Realty go up and down completely randomly.
Pair Corralation between INTERNATIONAL and Getty Realty
Assuming the 90 days trading horizon INTERNATIONAL PAPER 435 is expected to generate 78.61 times more return on investment than Getty Realty. However, INTERNATIONAL is 78.61 times more volatile than Getty Realty. It trades about 0.09 of its potential returns per unit of risk. Getty Realty is currently generating about 0.02 per unit of risk. If you would invest 8,810 in INTERNATIONAL PAPER 435 on September 3, 2024 and sell it today you would lose (201.00) from holding INTERNATIONAL PAPER 435 or give up 2.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 61.62% |
| Values | Daily Returns |
INTERNATIONAL PAPER 435 vs. Getty Realty
Performance |
| Timeline |
| INTERNATIONAL PAPER 435 |
| Getty Realty |
INTERNATIONAL and Getty Realty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERNATIONAL and Getty Realty
The main advantage of trading using opposite INTERNATIONAL and Getty Realty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERNATIONAL 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.| INTERNATIONAL vs. Getty Realty | INTERNATIONAL vs. Olympic Steel | INTERNATIONAL vs. Acme United | INTERNATIONAL vs. National Vision Holdings |
| Getty Realty vs. Regency Centers | Getty Realty vs. Site Centers Corp | Getty Realty vs. Brixmor Property | Getty Realty vs. Tanger Factory Outlet |
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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