Correlation Between Cracker Barrel and 406216BG5
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By analyzing existing cross correlation between Cracker Barrel Old and HALLIBURTON 38 percent, you can compare the effects of market volatilities on Cracker Barrel and 406216BG5 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 406216BG5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cracker Barrel and 406216BG5.
Diversification Opportunities for Cracker Barrel and 406216BG5
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cracker and 406216BG5 is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Cracker Barrel Old and HALLIBURTON 38 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HALLIBURTON 38 percent 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 406216BG5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HALLIBURTON 38 percent has no effect on the direction of Cracker Barrel i.e., Cracker Barrel and 406216BG5 go up and down completely randomly.
Pair Corralation between Cracker Barrel and 406216BG5
Given the investment horizon of 90 days Cracker Barrel Old is expected to generate 11.74 times more return on investment than 406216BG5. However, Cracker Barrel is 11.74 times more volatile than HALLIBURTON 38 percent. It trades about 0.19 of its potential returns per unit of risk. HALLIBURTON 38 percent is currently generating about -0.07 per unit of risk. If you would invest 3,645 in Cracker Barrel Old on September 12, 2024 and sell it today you would earn a total of 1,650 from holding Cracker Barrel Old or generate 45.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.31% |
| Values | Daily Returns |
Cracker Barrel Old vs. HALLIBURTON 38 percent
Performance |
| Timeline |
| Cracker Barrel Old |
| HALLIBURTON 38 percent |
Cracker Barrel and 406216BG5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cracker Barrel and 406216BG5
The main advantage of trading using opposite Cracker Barrel and 406216BG5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cracker Barrel position performs unexpectedly, 406216BG5 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 406216BG5 will offset losses from the drop in 406216BG5's long position.| Cracker Barrel vs. Brinker International | Cracker Barrel vs. BJs Restaurants | Cracker Barrel vs. Texas Roadhouse | Cracker Barrel vs. Papa Johns International |
| 406216BG5 vs. Cracker Barrel Old | 406216BG5 vs. Beauty Health Co | 406216BG5 vs. European Wax Center | 406216BG5 vs. RCI Hospitality Holdings |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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