Correlation Between Getty Images and Fiverr International

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Can any of the company-specific risk be diversified away by investing in both Getty Images and Fiverr International 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 Fiverr International 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 Fiverr International, you can compare the effects of market volatilities on Getty Images and Fiverr International 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 Fiverr International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Images and Fiverr International.

Diversification Opportunities for Getty Images and Fiverr International

GettyFiverrDiversified AwayGettyFiverrDiversified Away100%
-0.74
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Getty and Fiverr is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Getty Images Holdings and Fiverr International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fiverr International 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 Fiverr International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fiverr International has no effect on the direction of Getty Images i.e., Getty Images and Fiverr International go up and down completely randomly.

Pair Corralation between Getty Images and Fiverr International

Given the investment horizon of 90 days Getty Images Holdings is expected to under-perform the Fiverr International. In addition to that, Getty Images is 1.28 times more volatile than Fiverr International. It trades about -0.14 of its total potential returns per unit of risk. Fiverr International is currently generating about 0.17 per unit of volatility. If you would invest  2,356  in Fiverr International on October 7, 2024 and sell it today you would earn a total of  908.00  from holding Fiverr International or generate 38.54% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Getty Images Holdings  vs.  Fiverr International

 Performance 
JavaScript chart by amCharts 3.21.15OctNovDec -40-2002040
JavaScript chart by amCharts 3.21.15GETY FVRR
       Timeline  
Getty Images Holdings 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Getty Images Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unfluctuating performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in February 2025. The current disturbance may also be a sign of long term up-swing for the company investors.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan2.533.544.5
Fiverr International 

Risk-Adjusted Performance

13 of 100

 
Weak
 
Strong
Good
Compared to the overall equity markets, risk-adjusted returns on investments in Fiverr International are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak basic indicators, Fiverr International reported solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan2224262830323436

Getty Images and Fiverr International Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-7.1-5.32-3.54-1.750.01.533.094.656.21 0.0200.0250.0300.035
JavaScript chart by amCharts 3.21.15GETY FVRR
       Returns  

Pair Trading with Getty Images and Fiverr International

The main advantage of trading using opposite Getty Images and Fiverr International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Images position performs unexpectedly, Fiverr International 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 Fiverr International will offset losses from the drop in Fiverr International's long position.
The idea behind Getty Images Holdings and Fiverr International 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..

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