Correlation Between First Watch and 90331HPL1
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By analyzing existing cross correlation between First Watch Restaurant and US BANK NATIONAL, you can compare the effects of market volatilities on First Watch and 90331HPL1 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 First Watch with a short position of 90331HPL1. Check out your portfolio center. Please also check ongoing floating volatility patterns of First Watch and 90331HPL1.
Diversification Opportunities for First Watch and 90331HPL1
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between First and 90331HPL1 is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding First Watch Restaurant and US BANK NATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US BANK NATIONAL and First Watch 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 First Watch Restaurant are associated (or correlated) with 90331HPL1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US BANK NATIONAL has no effect on the direction of First Watch i.e., First Watch and 90331HPL1 go up and down completely randomly.
Pair Corralation between First Watch and 90331HPL1
Given the investment horizon of 90 days First Watch Restaurant is expected to generate 6.54 times more return on investment than 90331HPL1. However, First Watch is 6.54 times more volatile than US BANK NATIONAL. It trades about 0.03 of its potential returns per unit of risk. US BANK NATIONAL is currently generating about 0.0 per unit of risk. If you would invest 1,765 in First Watch Restaurant on October 11, 2024 and sell it today you would earn a total of 173.00 from holding First Watch Restaurant or generate 9.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 66.55% |
| Values | Daily Returns |
First Watch Restaurant vs. US BANK NATIONAL
Performance |
| Timeline |
| First Watch Restaurant |
| US BANK NATIONAL |
First Watch and 90331HPL1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with First Watch and 90331HPL1
The main advantage of trading using opposite First Watch and 90331HPL1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if First Watch position performs unexpectedly, 90331HPL1 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 90331HPL1 will offset losses from the drop in 90331HPL1's long position.| First Watch vs. Dine Brands Global | First Watch vs. Bloomin Brands | First Watch vs. BJs Restaurants | First Watch vs. The Cheesecake Factory |
| 90331HPL1 vs. Siriuspoint | 90331HPL1 vs. Conifer Holdings, 975 | 90331HPL1 vs. First Watch Restaurant | 90331HPL1 vs. RCI Hospitality Holdings |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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