Correlation Between Barbeque Nation and JGCHEMICALS
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By analyzing existing cross correlation between Barbeque Nation Hospitality and JGCHEMICALS LIMITED, you can compare the effects of market volatilities on Barbeque Nation and JGCHEMICALS 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 Barbeque Nation with a short position of JGCHEMICALS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Barbeque Nation and JGCHEMICALS.
Diversification Opportunities for Barbeque Nation and JGCHEMICALS
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Barbeque and JGCHEMICALS is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Barbeque Nation Hospitality and JGCHEMICALS LIMITED in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JGCHEMICALS LIMITED and Barbeque Nation 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 Barbeque Nation Hospitality are associated (or correlated) with JGCHEMICALS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JGCHEMICALS LIMITED has no effect on the direction of Barbeque Nation i.e., Barbeque Nation and JGCHEMICALS go up and down completely randomly.
Pair Corralation between Barbeque Nation and JGCHEMICALS
Assuming the 90 days trading horizon Barbeque Nation Hospitality is expected to under-perform the JGCHEMICALS. But the stock apears to be less risky and, when comparing its historical volatility, Barbeque Nation Hospitality is 1.59 times less risky than JGCHEMICALS. The stock trades about -0.67 of its potential returns per unit of risk. The JGCHEMICALS LIMITED is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 38,600 in JGCHEMICALS LIMITED on November 7, 2024 and sell it today you would lose (1,755) from holding JGCHEMICALS LIMITED or give up 4.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Barbeque Nation Hospitality vs. JGCHEMICALS LIMITED
Performance |
| Timeline |
| Barbeque Nation Hosp |
| JGCHEMICALS LIMITED |
Barbeque Nation and JGCHEMICALS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Barbeque Nation and JGCHEMICALS
The main advantage of trading using opposite Barbeque Nation and JGCHEMICALS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Barbeque Nation position performs unexpectedly, JGCHEMICALS 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 JGCHEMICALS will offset losses from the drop in JGCHEMICALS's long position.| Barbeque Nation vs. Tata Consultancy Services | Barbeque Nation vs. Quess Corp Limited | Barbeque Nation vs. Reliance Industries Limited | Barbeque Nation vs. Infosys Limited |
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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 Valuation module to check real value of public entities based on technical and fundamental data.
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