Correlation Between BJs Restaurants and PLNIJ
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By analyzing existing cross correlation between BJs Restaurants and PLNIJ 3875 17 JUL 29, you can compare the effects of market volatilities on BJs Restaurants and PLNIJ 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 PLNIJ. Check out your portfolio center. Please also check ongoing floating volatility patterns of BJs Restaurants and PLNIJ.
Diversification Opportunities for BJs Restaurants and PLNIJ
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BJs and PLNIJ is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BJs Restaurants and PLNIJ 3875 17 JUL 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PLNIJ 3875 17 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 PLNIJ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PLNIJ 3875 17 has no effect on the direction of BJs Restaurants i.e., BJs Restaurants and PLNIJ go up and down completely randomly.
Pair Corralation between BJs Restaurants and PLNIJ
If you would invest (100.00) in PLNIJ 3875 17 JUL 29 on January 17, 2025 and sell it today you would earn a total of 100.00 from holding PLNIJ 3875 17 JUL 29 or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
BJs Restaurants vs. PLNIJ 3875 17 JUL 29
Performance |
| Timeline |
| BJs Restaurants |
| PLNIJ 3875 17 |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
BJs Restaurants and PLNIJ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BJs Restaurants and PLNIJ
The main advantage of trading using opposite BJs Restaurants and PLNIJ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BJs Restaurants position performs unexpectedly, PLNIJ 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 PLNIJ will offset losses from the drop in PLNIJ'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 |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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