Correlation Between Biglari Holdings and PFIZER
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By analyzing existing cross correlation between Biglari Holdings and PFIZER INC, you can compare the effects of market volatilities on Biglari Holdings and PFIZER 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 PFIZER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biglari Holdings and PFIZER.
Diversification Opportunities for Biglari Holdings and PFIZER
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Biglari and PFIZER is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Biglari Holdings and PFIZER INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PFIZER INC 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 PFIZER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PFIZER INC has no effect on the direction of Biglari Holdings i.e., Biglari Holdings and PFIZER go up and down completely randomly.
Pair Corralation between Biglari Holdings and PFIZER
Allowing for the 90-day total investment horizon Biglari Holdings is expected to generate 4.74 times more return on investment than PFIZER. However, Biglari Holdings is 4.74 times more volatile than PFIZER INC. It trades about 0.32 of its potential returns per unit of risk. PFIZER INC is currently generating about 0.11 per unit of risk. If you would invest 17,300 in Biglari Holdings on September 2, 2024 and sell it today you would earn a total of 3,743 from holding Biglari Holdings or generate 21.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Biglari Holdings vs. PFIZER INC
Performance |
| Timeline |
| Biglari Holdings |
| PFIZER INC |
Biglari Holdings and PFIZER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biglari Holdings and PFIZER
The main advantage of trading using opposite Biglari Holdings and PFIZER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biglari Holdings position performs unexpectedly, PFIZER 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 PFIZER will offset losses from the drop in PFIZER's long position.| Biglari Holdings vs. Cannae Holdings | Biglari Holdings vs. BJs Restaurants | Biglari Holdings vs. Ark Restaurants Corp | Biglari Holdings vs. Noble Romans |
| PFIZER vs. Ryman Hospitality Properties | PFIZER vs. Enersys | PFIZER vs. Electrovaya Common Shares | PFIZER 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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