Correlation Between BJs Restaurants and COMCAST
Specify exactly 2 symbols:
By analyzing existing cross correlation between BJs Restaurants and COMCAST P NEW, you can compare the effects of market volatilities on BJs Restaurants and COMCAST 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 COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of BJs Restaurants and COMCAST.
Diversification Opportunities for BJs Restaurants and COMCAST
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BJs and COMCAST is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding BJs Restaurants and COMCAST P NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST P NEW 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 COMCAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMCAST P NEW has no effect on the direction of BJs Restaurants i.e., BJs Restaurants and COMCAST go up and down completely randomly.
Pair Corralation between BJs Restaurants and COMCAST
Given the investment horizon of 90 days BJs Restaurants is expected to generate 1.2 times more return on investment than COMCAST. However, BJs Restaurants is 1.2 times more volatile than COMCAST P NEW. It trades about 0.13 of its potential returns per unit of risk. COMCAST P NEW is currently generating about 0.01 per unit of risk. If you would invest 2,963 in BJs Restaurants on September 12, 2024 and sell it today you would earn a total of 681.00 from holding BJs Restaurants or generate 22.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 65.63% |
| Values | Daily Returns |
BJs Restaurants vs. COMCAST P NEW
Performance |
| Timeline |
| BJs Restaurants |
| COMCAST P NEW |
BJs Restaurants and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BJs Restaurants and COMCAST
The main advantage of trading using opposite BJs Restaurants and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BJs Restaurants position performs unexpectedly, COMCAST 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 COMCAST will offset losses from the drop in COMCAST's long position.| BJs Restaurants vs. Nathans Famous | BJs Restaurants vs. Flanigans Enterprises | BJs Restaurants vs. Good Times Restaurants | BJs Restaurants vs. Auburn National Bancorporation |
| COMCAST vs. Lifevantage | COMCAST vs. BBB Foods | COMCAST vs. United Parks Resorts | COMCAST vs. FitLife Brands, Common |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |