Correlation Between WETG Old and Getaround

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Can any of the company-specific risk be diversified away by investing in both WETG Old and Getaround 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 WETG Old and Getaround into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between WETG Old and Getaround, you can compare the effects of market volatilities on WETG Old and Getaround 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 WETG Old with a short position of Getaround. Check out your portfolio center. Please also check ongoing floating volatility patterns of WETG Old and Getaround.

Diversification Opportunities for WETG Old and Getaround

WETGGetaroundDiversified AwayWETGGetaroundDiversified Away100%
0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between WETG and Getaround is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding WETG Old and Getaround in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Getaround and WETG Old 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 WETG Old are associated (or correlated) with Getaround. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Getaround has no effect on the direction of WETG Old i.e., WETG Old and Getaround go up and down completely randomly.

Pair Corralation between WETG Old and Getaround

If you would invest (100.00) in Getaround on November 26, 2024 and sell it today you would earn a total of  100.00  from holding Getaround or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

WETG Old  vs.  Getaround

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb 2468
JavaScript chart by amCharts 3.21.15WETG GETR
       Timeline  
WETG Old 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days WETG Old has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, WETG Old is not utilizing all of its potentials. The latest stock price disturbance, may contribute to mid-run losses for the stockholders.
Getaround 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Getaround has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, Getaround is not utilizing all of its potentials. The newest stock price agitation, may contribute to short-term losses for the retail investors.

WETG Old and Getaround Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15 2468
JavaScript chart by amCharts 3.21.15WETG GETR
       Returns  

Pair Trading with WETG Old and Getaround

The main advantage of trading using opposite WETG Old and Getaround positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WETG Old position performs unexpectedly, Getaround 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 Getaround will offset losses from the drop in Getaround's long position.
The idea behind WETG Old and Getaround pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.

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