Correlation Between Biglari Holdings and 639057AF5
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By analyzing existing cross correlation between Biglari Holdings and NWG 5516 30 SEP 28, you can compare the effects of market volatilities on Biglari Holdings and 639057AF5 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 639057AF5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biglari Holdings and 639057AF5.
Diversification Opportunities for Biglari Holdings and 639057AF5
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Biglari and 639057AF5 is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Biglari Holdings and NWG 5516 30 SEP 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NWG 5516 30 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 639057AF5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NWG 5516 30 has no effect on the direction of Biglari Holdings i.e., Biglari Holdings and 639057AF5 go up and down completely randomly.
Pair Corralation between Biglari Holdings and 639057AF5
Allowing for the 90-day total investment horizon Biglari Holdings is expected to generate 6.21 times more return on investment than 639057AF5. However, Biglari Holdings is 6.21 times more volatile than NWG 5516 30 SEP 28. It trades about 0.06 of its potential returns per unit of risk. NWG 5516 30 SEP 28 is currently generating about -0.03 per unit of risk. If you would invest 15,941 in Biglari Holdings on September 4, 2024 and sell it today you would earn a total of 5,663 from holding Biglari Holdings or generate 35.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 75.71% |
| Values | Daily Returns |
Biglari Holdings vs. NWG 5516 30 SEP 28
Performance |
| Timeline |
| Biglari Holdings |
| NWG 5516 30 |
Biglari Holdings and 639057AF5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biglari Holdings and 639057AF5
The main advantage of trading using opposite Biglari Holdings and 639057AF5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biglari Holdings position performs unexpectedly, 639057AF5 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 639057AF5 will offset losses from the drop in 639057AF5's long position.| Biglari Holdings vs. Hyatt Hotels | Biglari Holdings vs. Smart Share Global | Biglari Holdings vs. Sweetgreen | Biglari Holdings vs. Wyndham Hotels Resorts |
| 639057AF5 vs. AEP TEX INC | 639057AF5 vs. US BANK NATIONAL | 639057AF5 vs. MetLife | 639057AF5 vs. Brera Holdings PLC |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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