Correlation Between Cracker Barrel and Contagious Gaming
Can any of the company-specific risk be diversified away by investing in both Cracker Barrel and Contagious Gaming at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Cracker Barrel and Contagious Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cracker Barrel Old and Contagious Gaming, you can compare the effects of market volatilities on Cracker Barrel and Contagious Gaming 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 Cracker Barrel with a short position of Contagious Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cracker Barrel and Contagious Gaming.
Diversification Opportunities for Cracker Barrel and Contagious Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cracker and Contagious is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cracker Barrel Old and Contagious Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contagious Gaming and Cracker Barrel 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 Cracker Barrel Old are associated (or correlated) with Contagious Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contagious Gaming has no effect on the direction of Cracker Barrel i.e., Cracker Barrel and Contagious Gaming go up and down completely randomly.
Pair Corralation between Cracker Barrel and Contagious Gaming
If you would invest 4,585 in Cracker Barrel Old on September 3, 2024 and sell it today you would earn a total of 971.00 from holding Cracker Barrel Old or generate 21.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Cracker Barrel Old vs. Contagious Gaming
Performance |
| Timeline |
| Cracker Barrel Old |
| Contagious Gaming |
Cracker Barrel and Contagious Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cracker Barrel and Contagious Gaming
The main advantage of trading using opposite Cracker Barrel and Contagious Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cracker Barrel position performs unexpectedly, Contagious Gaming 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 Contagious Gaming will offset losses from the drop in Contagious Gaming's long position.| Cracker Barrel vs. Brinker International | Cracker Barrel vs. BJs Restaurants | Cracker Barrel vs. Texas Roadhouse | Cracker Barrel vs. Papa Johns International |
| Contagious Gaming vs. US Global Investors | Contagious Gaming vs. Waste Management | Contagious Gaming vs. Viemed Healthcare | Contagious Gaming vs. Omni Health |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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