Correlation Between Biglari Holdings and 694308KC0
Specify exactly 2 symbols:
By analyzing existing cross correlation between Biglari Holdings and PCG 44 01 MAR 32, you can compare the effects of market volatilities on Biglari Holdings and 694308KC0 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 694308KC0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biglari Holdings and 694308KC0.
Diversification Opportunities for Biglari Holdings and 694308KC0
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Biglari and 694308KC0 is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Biglari Holdings and PCG 44 01 MAR 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PCG 44 01 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 694308KC0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PCG 44 01 has no effect on the direction of Biglari Holdings i.e., Biglari Holdings and 694308KC0 go up and down completely randomly.
Pair Corralation between Biglari Holdings and 694308KC0
Allowing for the 90-day total investment horizon Biglari Holdings is expected to generate 1.36 times more return on investment than 694308KC0. However, Biglari Holdings is 1.36 times more volatile than PCG 44 01 MAR 32. It trades about 0.1 of its potential returns per unit of risk. PCG 44 01 MAR 32 is currently generating about -0.08 per unit of risk. If you would invest 18,913 in Biglari Holdings on September 5, 2024 and sell it today you would earn a total of 3,487 from holding Biglari Holdings or generate 18.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 84.71% |
| Values | Daily Returns |
Biglari Holdings vs. PCG 44 01 MAR 32
Performance |
| Timeline |
| Biglari Holdings |
| PCG 44 01 |
Biglari Holdings and 694308KC0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biglari Holdings and 694308KC0
The main advantage of trading using opposite Biglari Holdings and 694308KC0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biglari Holdings position performs unexpectedly, 694308KC0 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 694308KC0 will offset losses from the drop in 694308KC0's long position.| Biglari Holdings vs. Cannae Holdings | Biglari Holdings vs. BJs Restaurants | Biglari Holdings vs. Ark Restaurants Corp | Biglari Holdings vs. Noble Romans |
| 694308KC0 vs. Sabre Corpo | 694308KC0 vs. Accel Entertainment | 694308KC0 vs. Biglari Holdings | 694308KC0 vs. SFL Corporation |
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 Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |