Correlation Between Getty Images and Clear Channel
Can any of the company-specific risk be diversified away by investing in both Getty Images and Clear Channel 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 Clear Channel 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 Clear Channel Outdoor, you can compare the effects of market volatilities on Getty Images and Clear Channel 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 Clear Channel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Images and Clear Channel.
Diversification Opportunities for Getty Images and Clear Channel
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Getty and Clear is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Getty Images Holdings and Clear Channel Outdoor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clear Channel Outdoor 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 Clear Channel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clear Channel Outdoor has no effect on the direction of Getty Images i.e., Getty Images and Clear Channel go up and down completely randomly.
Pair Corralation between Getty Images and Clear Channel
Given the investment horizon of 90 days Getty Images Holdings is expected to under-perform the Clear Channel. In addition to that, Getty Images is 1.26 times more volatile than Clear Channel Outdoor. It trades about -0.28 of its total potential returns per unit of risk. Clear Channel Outdoor is currently generating about 0.12 per unit of volatility. If you would invest 188.00 in Clear Channel Outdoor on September 8, 2025 and sell it today you would earn a total of 11.00 from holding Clear Channel Outdoor or generate 5.85% 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. Clear Channel Outdoor
Performance |
| Timeline |
| Getty Images Holdings |
| Clear Channel Outdoor |
Getty Images and Clear Channel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getty Images and Clear Channel
The main advantage of trading using opposite Getty Images and Clear Channel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Images position performs unexpectedly, Clear Channel 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 Clear Channel will offset losses from the drop in Clear Channel's long position.| Getty Images vs. Enduro Metals | Getty Images vs. Xenia Hotels Resorts | Getty Images vs. Wyndham Hotels Resorts | Getty Images vs. HPQ Silicon Resources |
| Clear Channel vs. BW Offshore Limited | Clear Channel vs. Solstad Offshore ASA | Clear Channel vs. Sinclair Broadcast Group | Clear Channel vs. Prosperity Real Estate |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| 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 | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |