Correlation Between BJs Restaurants and 01166VAA7
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By analyzing existing cross correlation between BJs Restaurants and ALK 48 15 AUG 27, you can compare the effects of market volatilities on BJs Restaurants and 01166VAA7 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 01166VAA7. Check out your portfolio center. Please also check ongoing floating volatility patterns of BJs Restaurants and 01166VAA7.
Diversification Opportunities for BJs Restaurants and 01166VAA7
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between BJs and 01166VAA7 is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding BJs Restaurants and ALK 48 15 AUG 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALK 48 15 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 01166VAA7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALK 48 15 has no effect on the direction of BJs Restaurants i.e., BJs Restaurants and 01166VAA7 go up and down completely randomly.
Pair Corralation between BJs Restaurants and 01166VAA7
Given the investment horizon of 90 days BJs Restaurants is expected to generate 5.16 times more return on investment than 01166VAA7. However, BJs Restaurants is 5.16 times more volatile than ALK 48 15 AUG 27. It trades about -0.02 of its potential returns per unit of risk. ALK 48 15 AUG 27 is currently generating about -0.08 per unit of risk. If you would invest 3,568 in BJs Restaurants on January 18, 2025 and sell it today you would lose (328.00) from holding BJs Restaurants or give up 9.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 44.35% |
| Values | Daily Returns |
BJs Restaurants vs. ALK 48 15 AUG 27
Performance |
| Timeline |
| BJs Restaurants |
| ALK 48 15 |
BJs Restaurants and 01166VAA7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BJs Restaurants and 01166VAA7
The main advantage of trading using opposite BJs Restaurants and 01166VAA7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BJs Restaurants position performs unexpectedly, 01166VAA7 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 01166VAA7 will offset losses from the drop in 01166VAA7's long position.| BJs Restaurants vs. Dine Brands Global | BJs Restaurants vs. Brinker International | BJs Restaurants vs. Bloomin Brands | BJs Restaurants vs. The Cheesecake Factory |
| 01166VAA7 vs. AEP TEX INC | 01166VAA7 vs. Costco Wholesale Corp | 01166VAA7 vs. CD Projekt SA | 01166VAA7 vs. Blue Lagoon Resources |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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