Correlation Between Dennys Corp and BERKSHIRE
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By analyzing existing cross correlation between Dennys Corp and BERKSHIRE HATHAWAY ENERGY, you can compare the effects of market volatilities on Dennys Corp and BERKSHIRE 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 Dennys Corp with a short position of BERKSHIRE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dennys Corp and BERKSHIRE.
Diversification Opportunities for Dennys Corp and BERKSHIRE
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Dennys and BERKSHIRE is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Dennys Corp and BERKSHIRE HATHAWAY ENERGY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BERKSHIRE HATHAWAY ENERGY and Dennys Corp 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 Dennys Corp are associated (or correlated) with BERKSHIRE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BERKSHIRE HATHAWAY ENERGY has no effect on the direction of Dennys Corp i.e., Dennys Corp and BERKSHIRE go up and down completely randomly.
Pair Corralation between Dennys Corp and BERKSHIRE
Given the investment horizon of 90 days Dennys Corp is expected to generate 4.52 times more return on investment than BERKSHIRE. However, Dennys Corp is 4.52 times more volatile than BERKSHIRE HATHAWAY ENERGY. It trades about 0.0 of its potential returns per unit of risk. BERKSHIRE HATHAWAY ENERGY is currently generating about -0.17 per unit of risk. If you would invest 657.00 in Dennys Corp on September 4, 2024 and sell it today you would lose (5.00) from holding Dennys Corp or give up 0.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Dennys Corp vs. BERKSHIRE HATHAWAY ENERGY
Performance |
| Timeline |
| Dennys Corp |
| BERKSHIRE HATHAWAY ENERGY |
Dennys Corp and BERKSHIRE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dennys Corp and BERKSHIRE
The main advantage of trading using opposite Dennys Corp and BERKSHIRE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dennys Corp position performs unexpectedly, BERKSHIRE 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 BERKSHIRE will offset losses from the drop in BERKSHIRE's long position.| Dennys Corp vs. Brinker International | Dennys Corp vs. Bloomin Brands | Dennys Corp vs. Jack In The | Dennys Corp vs. BJs Restaurants |
| BERKSHIRE vs. Dennys Corp | BERKSHIRE vs. Perseus Mining Limited | BERKSHIRE vs. Western Acquisition Ventures | BERKSHIRE vs. Rave Restaurant Group |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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