Correlation Between Eat Beyond and LOEWS
Specify exactly 2 symbols:
By analyzing existing cross correlation between Eat Beyond Global and LOEWS P 375, you can compare the effects of market volatilities on Eat Beyond and LOEWS 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 Eat Beyond with a short position of LOEWS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eat Beyond and LOEWS.
Diversification Opportunities for Eat Beyond and LOEWS
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eat and LOEWS is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Eat Beyond Global and LOEWS P 375 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOEWS P 375 and Eat Beyond 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 Eat Beyond Global are associated (or correlated) with LOEWS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOEWS P 375 has no effect on the direction of Eat Beyond i.e., Eat Beyond and LOEWS go up and down completely randomly.
Pair Corralation between Eat Beyond and LOEWS
Assuming the 90 days horizon Eat Beyond Global is expected to generate 61.68 times more return on investment than LOEWS. However, Eat Beyond is 61.68 times more volatile than LOEWS P 375. It trades about 0.08 of its potential returns per unit of risk. LOEWS P 375 is currently generating about 0.01 per unit of risk. If you would invest 4.50 in Eat Beyond Global on August 26, 2024 and sell it today you would earn a total of 1.90 from holding Eat Beyond Global or generate 42.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 93.09% |
| Values | Daily Returns |
Eat Beyond Global vs. LOEWS P 375
Performance |
| Timeline |
| Eat Beyond Global |
| LOEWS P 375 |
Eat Beyond and LOEWS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eat Beyond and LOEWS
The main advantage of trading using opposite Eat Beyond and LOEWS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eat Beyond position performs unexpectedly, LOEWS 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 LOEWS will offset losses from the drop in LOEWS's long position.| Eat Beyond vs. Elysee Development Corp | Eat Beyond vs. Azimut Holding SpA | Eat Beyond vs. Ameritrans Capital Corp | Eat Beyond vs. Aimia Inc |
| LOEWS vs. AEP TEX INC | LOEWS vs. US BANK NATIONAL | LOEWS vs. Eat Beyond Global | LOEWS vs. Charles Schwab Corp |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |