Correlation Between Cracker Barrel and PIONEER
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By analyzing existing cross correlation between Cracker Barrel Old and PIONEER NATURAL RESOURCES, you can compare the effects of market volatilities on Cracker Barrel and PIONEER 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 PIONEER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cracker Barrel and PIONEER.
Diversification Opportunities for Cracker Barrel and PIONEER
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cracker and PIONEER is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Cracker Barrel Old and PIONEER NATURAL RESOURCES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PIONEER NATURAL RESOURCES 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 PIONEER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PIONEER NATURAL RESOURCES has no effect on the direction of Cracker Barrel i.e., Cracker Barrel and PIONEER go up and down completely randomly.
Pair Corralation between Cracker Barrel and PIONEER
Given the investment horizon of 90 days Cracker Barrel Old is expected to generate 4.99 times more return on investment than PIONEER. However, Cracker Barrel is 4.99 times more volatile than PIONEER NATURAL RESOURCES. It trades about 0.07 of its potential returns per unit of risk. PIONEER NATURAL RESOURCES is currently generating about -0.22 per unit of risk. If you would invest 4,995 in Cracker Barrel Old on August 28, 2024 and sell it today you would earn a total of 200.00 from holding Cracker Barrel Old or generate 4.0% 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. PIONEER NATURAL RESOURCES
Performance |
| Timeline |
| Cracker Barrel Old |
| PIONEER NATURAL RESOURCES |
Cracker Barrel and PIONEER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cracker Barrel and PIONEER
The main advantage of trading using opposite Cracker Barrel and PIONEER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cracker Barrel position performs unexpectedly, PIONEER 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 PIONEER will offset losses from the drop in PIONEER's long position.| Cracker Barrel vs. Brinker International | Cracker Barrel vs. BJs Restaurants | Cracker Barrel vs. Texas Roadhouse | Cracker Barrel vs. Papa Johns International |
| PIONEER vs. Cracker Barrel Old | PIONEER vs. Dennys Corp | PIONEER vs. Guangdong Investment Limited | PIONEER vs. Sweetgreen |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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