Correlation Between GEN Restaurant and CARPENTER
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By analyzing existing cross correlation between GEN Restaurant Group, and CARPENTER TECHNOLOGY P, you can compare the effects of market volatilities on GEN Restaurant and CARPENTER 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 GEN Restaurant with a short position of CARPENTER. Check out your portfolio center. Please also check ongoing floating volatility patterns of GEN Restaurant and CARPENTER.
Diversification Opportunities for GEN Restaurant and CARPENTER
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between GEN and CARPENTER is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding GEN Restaurant Group, and CARPENTER TECHNOLOGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARPENTER TECHNOLOGY and GEN Restaurant 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 GEN Restaurant Group, are associated (or correlated) with CARPENTER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARPENTER TECHNOLOGY has no effect on the direction of GEN Restaurant i.e., GEN Restaurant and CARPENTER go up and down completely randomly.
Pair Corralation between GEN Restaurant and CARPENTER
Given the investment horizon of 90 days GEN Restaurant Group, is expected to under-perform the CARPENTER. In addition to that, GEN Restaurant is 13.84 times more volatile than CARPENTER TECHNOLOGY P. It trades about -0.03 of its total potential returns per unit of risk. CARPENTER TECHNOLOGY P is currently generating about -0.11 per unit of volatility. If you would invest 10,063 in CARPENTER TECHNOLOGY P on September 22, 2024 and sell it today you would lose (53.00) from holding CARPENTER TECHNOLOGY P or give up 0.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
GEN Restaurant Group, vs. CARPENTER TECHNOLOGY P
Performance |
| Timeline |
| GEN Restaurant Group, |
| CARPENTER TECHNOLOGY |
GEN Restaurant and CARPENTER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GEN Restaurant and CARPENTER
The main advantage of trading using opposite GEN Restaurant and CARPENTER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GEN Restaurant position performs unexpectedly, CARPENTER 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 CARPENTER will offset losses from the drop in CARPENTER's long position.| GEN Restaurant vs. Willamette Valley Vineyards | GEN Restaurant vs. The Mosaic | GEN Restaurant vs. Diamond Estates Wines | GEN Restaurant vs. Eastman Chemical |
| CARPENTER vs. United Airlines Holdings | CARPENTER vs. GEN Restaurant Group, | CARPENTER vs. Yum Brands | CARPENTER vs. CAVA 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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