Correlation Between Cheesecake Factory and 26442UAG9
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By analyzing existing cross correlation between The Cheesecake Factory and DUKE ENERGY PROGRESS, you can compare the effects of market volatilities on Cheesecake Factory and 26442UAG9 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 Cheesecake Factory with a short position of 26442UAG9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cheesecake Factory and 26442UAG9.
Diversification Opportunities for Cheesecake Factory and 26442UAG9
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cheesecake and 26442UAG9 is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding The Cheesecake Factory and DUKE ENERGY PROGRESS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DUKE ENERGY PROGRESS and Cheesecake Factory 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 The Cheesecake Factory are associated (or correlated) with 26442UAG9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DUKE ENERGY PROGRESS has no effect on the direction of Cheesecake Factory i.e., Cheesecake Factory and 26442UAG9 go up and down completely randomly.
Pair Corralation between Cheesecake Factory and 26442UAG9
Given the investment horizon of 90 days The Cheesecake Factory is expected to generate 7.18 times more return on investment than 26442UAG9. However, Cheesecake Factory is 7.18 times more volatile than DUKE ENERGY PROGRESS. It trades about 0.15 of its potential returns per unit of risk. DUKE ENERGY PROGRESS is currently generating about -0.09 per unit of risk. If you would invest 3,963 in The Cheesecake Factory on August 28, 2024 and sell it today you would earn a total of 914.00 from holding The Cheesecake Factory or generate 23.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 98.41% |
| Values | Daily Returns |
The Cheesecake Factory vs. DUKE ENERGY PROGRESS
Performance |
| Timeline |
| The Cheesecake Factory |
| DUKE ENERGY PROGRESS |
Cheesecake Factory and 26442UAG9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cheesecake Factory and 26442UAG9
The main advantage of trading using opposite Cheesecake Factory and 26442UAG9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cheesecake Factory position performs unexpectedly, 26442UAG9 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 26442UAG9 will offset losses from the drop in 26442UAG9's long position.| Cheesecake Factory vs. Dine Brands Global | Cheesecake Factory vs. Bloomin Brands | Cheesecake Factory vs. BJs Restaurants | Cheesecake Factory vs. Brinker International |
| 26442UAG9 vs. Sphere Entertainment Co | 26442UAG9 vs. China Clean Energy | 26442UAG9 vs. Northstar Clean Technologies | 26442UAG9 vs. Fast Retailing Co |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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