Correlation Between Getty Images and Lewis Clark

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

Diversification Opportunities for Getty Images and Lewis Clark

-0.1
  Correlation Coefficient

Good diversification

The 3 months correlation between Getty and Lewis is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Getty Images Holdings and Lewis Clark Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lewis Clark Bancorp 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 Lewis Clark. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lewis Clark Bancorp has no effect on the direction of Getty Images i.e., Getty Images and Lewis Clark go up and down completely randomly.

Pair Corralation between Getty Images and Lewis Clark

Given the investment horizon of 90 days Getty Images Holdings is expected to under-perform the Lewis Clark. In addition to that, Getty Images is 5.24 times more volatile than Lewis Clark Bancorp. It trades about -0.07 of its total potential returns per unit of risk. Lewis Clark Bancorp is currently generating about 0.06 per unit of volatility. If you would invest  3,000  in Lewis Clark Bancorp on December 3, 2024 and sell it today you would earn a total of  100.00  from holding Lewis Clark Bancorp or generate 3.33% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy98.36%
ValuesDaily Returns

Getty Images Holdings  vs.  Lewis Clark Bancorp

 Performance 
       Timeline  
Getty Images Holdings 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
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 April 2025. The current disturbance may also be a sign of long term up-swing for the company investors.
Lewis Clark Bancorp 

Risk-Adjusted Performance

Insignificant

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Lewis Clark Bancorp are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Despite quite persistent fundamental indicators, Lewis Clark is not utilizing all of its potentials. The latest stock price mess, may contribute to short-term losses for the institutional investors.

Getty Images and Lewis Clark Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Getty Images and Lewis Clark

The main advantage of trading using opposite Getty Images and Lewis Clark positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Images position performs unexpectedly, Lewis Clark 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 Lewis Clark will offset losses from the drop in Lewis Clark's long position.
The idea behind Getty Images Holdings and Lewis Clark Bancorp 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.
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.

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