Correlation Between Chipotle Mexican and 28622HAA9
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By analyzing existing cross correlation between Chipotle Mexican Grill and ELV 49 08 FEB 26, you can compare the effects of market volatilities on Chipotle Mexican and 28622HAA9 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 Chipotle Mexican with a short position of 28622HAA9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chipotle Mexican and 28622HAA9.
Diversification Opportunities for Chipotle Mexican and 28622HAA9
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Chipotle and 28622HAA9 is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Chipotle Mexican Grill and ELV 49 08 FEB 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ELV 49 08 and Chipotle Mexican 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 Chipotle Mexican Grill are associated (or correlated) with 28622HAA9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ELV 49 08 has no effect on the direction of Chipotle Mexican i.e., Chipotle Mexican and 28622HAA9 go up and down completely randomly.
Pair Corralation between Chipotle Mexican and 28622HAA9
If you would invest 3,097 in Chipotle Mexican Grill on September 3, 2024 and sell it today you would earn a total of 3,055 from holding Chipotle Mexican Grill or generate 98.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.1% |
| Values | Daily Returns |
Chipotle Mexican Grill vs. ELV 49 08 FEB 26
Performance |
| Timeline |
| Chipotle Mexican Grill |
| ELV 49 08 |
Chipotle Mexican and 28622HAA9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chipotle Mexican and 28622HAA9
The main advantage of trading using opposite Chipotle Mexican and 28622HAA9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chipotle Mexican position performs unexpectedly, 28622HAA9 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 28622HAA9 will offset losses from the drop in 28622HAA9's long position.| Chipotle Mexican vs. Highway Holdings Limited | Chipotle Mexican vs. QCR Holdings | Chipotle Mexican vs. Partner Communications | Chipotle Mexican vs. Acumen Pharmaceuticals |
| 28622HAA9 vs. AEP TEX INC | 28622HAA9 vs. US BANK NATIONAL | 28622HAA9 vs. MetLife | 28622HAA9 vs. Brera Holdings PLC |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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