Correlation Between Dine Brands and COMCAST
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By analyzing existing cross correlation between Dine Brands Global and COMCAST P NEW, you can compare the effects of market volatilities on Dine Brands and COMCAST 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 Dine Brands with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dine Brands and COMCAST.
Diversification Opportunities for Dine Brands and COMCAST
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Dine and COMCAST is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Dine Brands Global and COMCAST P NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST P NEW and Dine Brands 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 Dine Brands Global are associated (or correlated) with COMCAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMCAST P NEW has no effect on the direction of Dine Brands i.e., Dine Brands and COMCAST go up and down completely randomly.
Pair Corralation between Dine Brands and COMCAST
Considering the 90-day investment horizon Dine Brands Global is expected to generate 2.11 times more return on investment than COMCAST. However, Dine Brands is 2.11 times more volatile than COMCAST P NEW. It trades about 0.06 of its potential returns per unit of risk. COMCAST P NEW is currently generating about -0.06 per unit of risk. If you would invest 2,866 in Dine Brands Global on September 12, 2024 and sell it today you would earn a total of 332.00 from holding Dine Brands Global or generate 11.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 56.25% |
| Values | Daily Returns |
Dine Brands Global vs. COMCAST P NEW
Performance |
| Timeline |
| Dine Brands Global |
| COMCAST P NEW |
Dine Brands and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dine Brands and COMCAST
The main advantage of trading using opposite Dine Brands and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dine Brands position performs unexpectedly, COMCAST 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 COMCAST will offset losses from the drop in COMCAST's long position.| Dine Brands vs. Bloomin Brands | Dine Brands vs. BJs Restaurants | Dine Brands vs. The Cheesecake Factory | Dine Brands vs. Brinker International |
| COMCAST vs. Delek Drilling | COMCAST vs. Tenaris SA ADR | COMCAST vs. Patterson UTI Energy | COMCAST vs. Noble 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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