Correlation Between Cracker Barrel and Mobile Health
Can any of the company-specific risk be diversified away by investing in both Cracker Barrel and Mobile Health 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 Mobile Health 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 Mobile health Network Solutions, you can compare the effects of market volatilities on Cracker Barrel and Mobile Health 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 Mobile Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cracker Barrel and Mobile Health.
Diversification Opportunities for Cracker Barrel and Mobile Health
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cracker and Mobile is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Cracker Barrel Old and Mobile health Network Solution in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mobile health Network 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 Mobile Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mobile health Network has no effect on the direction of Cracker Barrel i.e., Cracker Barrel and Mobile Health go up and down completely randomly.
Pair Corralation between Cracker Barrel and Mobile Health
Given the investment horizon of 90 days Cracker Barrel Old is expected to under-perform the Mobile Health. But the stock apears to be less risky and, when comparing its historical volatility, Cracker Barrel Old is 15.5 times less risky than Mobile Health. The stock trades about -0.5 of its potential returns per unit of risk. The Mobile health Network Solutions is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 29.00 in Mobile health Network Solutions on November 28, 2024 and sell it today you would earn a total of 14.72 from holding Mobile health Network Solutions or generate 50.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cracker Barrel Old vs. Mobile health Network Solution
Performance |
| Timeline |
| Cracker Barrel Old |
| Mobile health Network |
Cracker Barrel and Mobile Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cracker Barrel and Mobile Health
The main advantage of trading using opposite Cracker Barrel and Mobile Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cracker Barrel position performs unexpectedly, Mobile Health 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 Mobile Health will offset losses from the drop in Mobile Health's long position.| Cracker Barrel vs. Brinker International | Cracker Barrel vs. BJs Restaurants | Cracker Barrel vs. Texas Roadhouse | Cracker Barrel vs. Papa Johns International |
| Mobile Health vs. Vita Coco | Mobile Health vs. Sea | Mobile Health vs. Westrock Coffee | Mobile Health vs. Cedar Realty Trust |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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