Correlation Between Biglari Holdings and ALTICE
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By analyzing existing cross correlation between Biglari Holdings and ALTICE FRANCE S, you can compare the effects of market volatilities on Biglari Holdings and ALTICE 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 Biglari Holdings with a short position of ALTICE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biglari Holdings and ALTICE.
Diversification Opportunities for Biglari Holdings and ALTICE
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Biglari and ALTICE is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Biglari Holdings and ALTICE FRANCE S in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALTICE FRANCE S and Biglari Holdings 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 Biglari Holdings are associated (or correlated) with ALTICE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALTICE FRANCE S has no effect on the direction of Biglari Holdings i.e., Biglari Holdings and ALTICE go up and down completely randomly.
Pair Corralation between Biglari Holdings and ALTICE
Allowing for the 90-day total investment horizon Biglari Holdings is expected to generate 1.15 times more return on investment than ALTICE. However, Biglari Holdings is 1.15 times more volatile than ALTICE FRANCE S. It trades about 0.07 of its potential returns per unit of risk. ALTICE FRANCE S is currently generating about 0.0 per unit of risk. If you would invest 15,172 in Biglari Holdings on September 2, 2024 and sell it today you would earn a total of 5,871 from holding Biglari Holdings or generate 38.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 71.77% |
| Values | Daily Returns |
Biglari Holdings vs. ALTICE FRANCE S
Performance |
| Timeline |
| Biglari Holdings |
| ALTICE FRANCE S |
Biglari Holdings and ALTICE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biglari Holdings and ALTICE
The main advantage of trading using opposite Biglari Holdings and ALTICE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biglari Holdings position performs unexpectedly, ALTICE 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 ALTICE will offset losses from the drop in ALTICE's long position.| Biglari Holdings vs. Cannae Holdings | Biglari Holdings vs. BJs Restaurants | Biglari Holdings vs. Ark Restaurants Corp | Biglari Holdings vs. Noble Romans |
| ALTICE vs. National CineMedia | ALTICE vs. Chipotle Mexican Grill | ALTICE vs. Sphere Entertainment Co | ALTICE vs. Biglari Holdings |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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