Noodles Correlations

NDLS Stock

USD 0.69 0.06 8.00%

The current 90-days correlation between Noodles Company and Fiesta Restaurant Group is -0.06 (i.e., Good diversification). The correlation of Noodles is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Noodles Correlation With Market

Average diversification

The correlation between Noodles Company and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Noodles Company and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Noodles Company. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Noodles Stock

0.82	IGT	International Game	Pair Corr
0.85	ARKR	Ark Restaurants Corp	Pair Corr
0.88	BLMN	Bloomin Brands Buyout Trend	Pair Corr
0.73	FL	Foot Locker Earnings Call Tomorrow	Pair Corr
0.62	VC	Visteon Corp	Pair Corr

Moving against Noodles Stock

0.82	EAT	Brinker International	Pair Corr
0.81	BROS	Dutch Bros	Pair Corr
0.78	EVRI	Everi Holdings	Pair Corr
0.78	PLYA	Playa Hotels Resorts	Pair Corr
0.77	INSE	Inspired Entertainment Potential Growth	Pair Corr
0.77	TXRH	Texas Roadhouse	Pair Corr
0.72	DPZ	Dominos Pizza	Pair Corr
0.71	CMG	Chipotle Mexican Grill Sell-off Trend	Pair Corr
0.7	AGS	PlayAGS	Pair Corr
0.67	NATH	Nathans Famous	Pair Corr
0.66	SBUX	Starbucks Aggressive Push	Pair Corr
0.65	SHAK	Shake Shack	Pair Corr
0.64	BH	Biglari Holdings	Pair Corr
0.63	DRI	Darden Restaurants	Pair Corr
0.56	BJRI	BJs Restaurants	Pair Corr
0.4	WEN	The Wendys	Pair Corr
0.77	LAD	Lithia Motors	Pair Corr
0.75	HD	Home Depot	Pair Corr
0.72	DORM	Dorman Products	Pair Corr
0.62	FLXS	Flexsteel Industries	Pair Corr
0.62	GPI	Group 1 Automotive	Pair Corr
0.56	WEYS	Weyco Group	Pair Corr
0.5	ABG	Asbury Automotive	Pair Corr
0.44	LZB	La Z Boy Earnings Call Tomorrow	Pair Corr
0.36	BC	Brunswick	Pair Corr

Related Correlations Analysis

	FRGI	CHUY	RUTH	LOCO	FATBB	PBPB	BJRI	STKS	EAT	CNNE
FRGI		0.01	0.69	-0.24	0.04	0.27	0.56	0.03	0.42	0.17	FRGI
CHUY	0.01		0.25	-0.29	-0.35	0.18	0.23	-0.43	0.36	0.0	CHUY
RUTH	0.69	0.25		-0.67	-0.27	0.45	0.8	-0.28	0.84	0.54	RUTH
LOCO	-0.24	-0.29	-0.67		0.31	-0.29	-0.5	0.6	-0.78	-0.45	LOCO
FATBB	0.04	-0.35	-0.27	0.31		0.05	-0.17	0.2	-0.18	-0.16	FATBB
PBPB	0.27	0.18	0.45	-0.29	0.05		0.43	-0.52	0.71	0.7	PBPB
BJRI	0.56	0.23	0.8	-0.5	-0.17	0.43		-0.12	0.76	0.44	BJRI
STKS	0.03	-0.43	-0.28	0.6	0.2	-0.52	-0.12		-0.53	-0.33	STKS
EAT	0.42	0.36	0.84	-0.78	-0.18	0.71	0.76	-0.53		0.73	EAT
CNNE	0.17	0.0	0.54	-0.45	-0.16	0.7	0.44	-0.33	0.73		CNNE
	FRGI	CHUY	RUTH	LOCO	FATBB	PBPB	BJRI	STKS	EAT	CNNE

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

EAT	+ 0.84	RUTH
BJRI	+ 0.8	RUTH
EAT	+ 0.76	BJRI
CNNE	+ 0.73	EAT
EAT	+ 0.71	PBPB
CNNE	+ 0.7	PBPB

High negative correlations

EAT	- 0.78	LOCO
LOCO	- 0.67	RUTH
EAT	- 0.53	STKS
STKS	- 0.52	PBPB
BJRI	- 0.5	LOCO
CNNE	- 0.45	LOCO

Risk-Adjusted Indicators

There is a big difference between Noodles Stock performing well and Noodles Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Noodles' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FRGI	2.26	(0.05)	(0.05)	(0.03)	2.75	(2.41)	4.69	(3.69)	12.75
CHUY	1.59	0.77	3.23	1.75	0.00	(1.83)	0.67	(0.27)	48.46
RUTH	1.40	0.31	0.18	0.43	0.94	(1.83)	1.75	(2.63)	34.37
LOCO	1.23	(0.29)	0.00	(0.09)	0.00	0.00	2.11	(2.63)	9.80
FATBB	2.98	0.04	(0.01)	0.27	4.32	(3.72)	8.53	(10.10)	24.95
PBPB	2.10	0.10	0.14	0.16	1.57	(2.85)	4.24	(3.01)	24.84
BJRI	1.99	0.01	0.03	0.13	2.27	(2.24)	4.05	(2.64)	13.19
STKS	3.18	(0.29)	(0.03)	0.00	4.38	(3.51)	6.80	(5.03)	28.29
EAT	1.86	0.79	0.45	0.75	1.25	(2.37)	5.04	(2.48)	11.91
CNNE	1.26	0.01	0.01	0.13	1.38	(1.37)	3.13	(2.81)	6.85

Noodles Corporate Management

Carl Lukach	Chief Officer	Profile
Stacey Pool	Chief Officer	Profile
Michael Hynes	Chief Officer	Profile
Melissa Heidman	Acting General Counsel, Secretary	Profile
Stephen Kennedy	Executive Marketing	Profile
Kathryn Lockhart	VP Officer	Profile

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