Correlation Between Getty Images and Simon Property
Can any of the company-specific risk be diversified away by investing in both Getty Images and Simon Property 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 Getty Images and Simon Property into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Images Holdings and Simon Property Group, you can compare the effects of market volatilities on Getty Images and Simon Property 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 Getty Images with a short position of Simon Property. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Images and Simon Property.
Diversification Opportunities for Getty Images and Simon Property
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Getty and Simon is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Getty Images Holdings and Simon Property Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Simon Property Group and Getty Images 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 Getty Images Holdings are associated (or correlated) with Simon Property. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Simon Property Group has no effect on the direction of Getty Images i.e., Getty Images and Simon Property go up and down completely randomly.
Pair Corralation between Getty Images and Simon Property
Given the investment horizon of 90 days Getty Images Holdings is expected to under-perform the Simon Property. In addition to that, Getty Images is 3.65 times more volatile than Simon Property Group. It trades about -0.08 of its total potential returns per unit of risk. Simon Property Group is currently generating about 0.17 per unit of volatility. If you would invest 16,187 in Simon Property Group on September 12, 2024 and sell it today you would earn a total of 1,736 from holding Simon Property Group or generate 10.72% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Getty Images Holdings vs. Simon Property Group
Performance |
Timeline |
Getty Images Holdings |
Simon Property Group |
Getty Images and Simon Property Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Getty Images and Simon Property
The main advantage of trading using opposite Getty Images and Simon Property positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Images position performs unexpectedly, Simon Property 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 Simon Property will offset losses from the drop in Simon Property's long position.Getty Images vs. Twilio Inc | Getty Images vs. Baidu Inc | Getty Images vs. Snap Inc | Getty Images vs. ANGI Homeservices |
Simon Property vs. Federal Realty Investment | Simon Property vs. Agree Realty | Simon Property vs. National Retail Properties | Simon Property vs. Kimco Realty |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Stocks Directory Find actively traded stocks across global markets | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |