Correlation Between BJs Restaurants and Oryx Technology
Can any of the company-specific risk be diversified away by investing in both BJs Restaurants and Oryx Technology at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining BJs Restaurants and Oryx Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BJs Restaurants and Oryx Technology Corp, you can compare the effects of market volatilities on BJs Restaurants and Oryx Technology 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 BJs Restaurants with a short position of Oryx Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of BJs Restaurants and Oryx Technology.
Diversification Opportunities for BJs Restaurants and Oryx Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BJs and Oryx is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BJs Restaurants and Oryx Technology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oryx Technology Corp and BJs Restaurants 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 BJs Restaurants are associated (or correlated) with Oryx Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oryx Technology Corp has no effect on the direction of BJs Restaurants i.e., BJs Restaurants and Oryx Technology go up and down completely randomly.
Pair Corralation between BJs Restaurants and Oryx Technology
If you would invest 3,315 in BJs Restaurants on September 14, 2024 and sell it today you would earn a total of 270.00 from holding BJs Restaurants or generate 8.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.4% |
| Values | Daily Returns |
BJs Restaurants vs. Oryx Technology Corp
Performance |
| Timeline |
| BJs Restaurants |
| Oryx Technology Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
BJs Restaurants and Oryx Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BJs Restaurants and Oryx Technology
The main advantage of trading using opposite BJs Restaurants and Oryx Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BJs Restaurants position performs unexpectedly, Oryx Technology 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 Oryx Technology will offset losses from the drop in Oryx Technology's long position.The idea behind BJs Restaurants and Oryx Technology Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Oryx Technology vs. BJs Restaurants | Oryx Technology vs. Westrock Coffee | Oryx Technology vs. Sweetgreen | Oryx Technology vs. Summit Materials |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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