Correlation Between BJs Restaurants and NATIONAL
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By analyzing existing cross correlation between BJs Restaurants and NATIONAL RURAL UTILS, you can compare the effects of market volatilities on BJs Restaurants and NATIONAL 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 NATIONAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of BJs Restaurants and NATIONAL.
Diversification Opportunities for BJs Restaurants and NATIONAL
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BJs and NATIONAL is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding BJs Restaurants and NATIONAL RURAL UTILS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NATIONAL RURAL UTILS 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 NATIONAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NATIONAL RURAL UTILS has no effect on the direction of BJs Restaurants i.e., BJs Restaurants and NATIONAL go up and down completely randomly.
Pair Corralation between BJs Restaurants and NATIONAL
Given the investment horizon of 90 days BJs Restaurants is expected to under-perform the NATIONAL. In addition to that, BJs Restaurants is 2.35 times more volatile than NATIONAL RURAL UTILS. It trades about 0.0 of its total potential returns per unit of risk. NATIONAL RURAL UTILS is currently generating about 0.13 per unit of volatility. If you would invest 8,413 in NATIONAL RURAL UTILS on August 25, 2024 and sell it today you would earn a total of 251.00 from holding NATIONAL RURAL UTILS or generate 2.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
BJs Restaurants vs. NATIONAL RURAL UTILS
Performance |
| Timeline |
| BJs Restaurants |
| NATIONAL RURAL UTILS |
BJs Restaurants and NATIONAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BJs Restaurants and NATIONAL
The main advantage of trading using opposite BJs Restaurants and NATIONAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BJs Restaurants position performs unexpectedly, NATIONAL 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 NATIONAL will offset losses from the drop in NATIONAL'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 |
| NATIONAL vs. Akanda Corp | NATIONAL vs. enVVeno Medical Corp | NATIONAL vs. BJs Restaurants | NATIONAL vs. RadNet Inc |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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