Correlation Between Gannett and Shutterstock
Can any of the company-specific risk be diversified away by investing in both Gannett and Shutterstock 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 Gannett and Shutterstock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gannett Co and Shutterstock, you can compare the effects of market volatilities on Gannett and Shutterstock 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 Gannett with a short position of Shutterstock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gannett and Shutterstock.
Diversification Opportunities for Gannett and Shutterstock
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Gannett and Shutterstock is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Gannett Co and Shutterstock in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shutterstock and Gannett 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 Gannett Co are associated (or correlated) with Shutterstock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shutterstock has no effect on the direction of Gannett i.e., Gannett and Shutterstock go up and down completely randomly.
Pair Corralation between Gannett and Shutterstock
Considering the 90-day investment horizon Gannett Co is expected to generate 1.29 times more return on investment than Shutterstock. However, Gannett is 1.29 times more volatile than Shutterstock. It trades about 0.06 of its potential returns per unit of risk. Shutterstock is currently generating about 0.02 per unit of risk. If you would invest 411.00 in Gannett Co on August 29, 2025 and sell it today you would earn a total of 44.00 from holding Gannett Co or generate 10.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Gannett Co vs. Shutterstock
Performance |
| Timeline |
| Gannett |
Risk-Adjusted Performance
Soft
Weak | Strong |
| Shutterstock |
Gannett and Shutterstock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gannett and Shutterstock
The main advantage of trading using opposite Gannett and Shutterstock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gannett position performs unexpectedly, Shutterstock 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 Shutterstock will offset losses from the drop in Shutterstock's long position.| Gannett vs. SIGNA Sports United | Gannett vs. HPQ Silicon Resources | Gannett vs. Backstageplay | Gannett vs. BOS Better Online |
| Shutterstock vs. Pekin Life Insurance | Shutterstock vs. CarsalesCom Ltd ADR | Shutterstock vs. Skyward Specialty Insurance | Shutterstock vs. Trip Technologies |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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