Correlation Between Just Kitchen and Kura Sushi
Can any of the company-specific risk be diversified away by investing in both Just Kitchen and Kura Sushi at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Just Kitchen and Kura Sushi into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Just Kitchen Holdings and Kura Sushi USA, you can compare the effects of market volatilities on Just Kitchen and Kura Sushi 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 Just Kitchen with a short position of Kura Sushi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Just Kitchen and Kura Sushi.
Diversification Opportunities for Just Kitchen and Kura Sushi
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Just and Kura is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Just Kitchen Holdings and Kura Sushi USA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kura Sushi USA and Just Kitchen 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 Just Kitchen Holdings are associated (or correlated) with Kura Sushi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kura Sushi USA has no effect on the direction of Just Kitchen i.e., Just Kitchen and Kura Sushi go up and down completely randomly.
Pair Corralation between Just Kitchen and Kura Sushi
If you would invest 9,981 in Kura Sushi USA on September 2, 2024 and sell it today you would earn a total of 711.00 from holding Kura Sushi USA or generate 7.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Just Kitchen Holdings vs. Kura Sushi USA
Performance |
| Timeline |
| Just Kitchen Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Kura Sushi USA |
Just Kitchen and Kura Sushi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Just Kitchen and Kura Sushi
The main advantage of trading using opposite Just Kitchen and Kura Sushi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Just Kitchen position performs unexpectedly, Kura Sushi 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 Kura Sushi will offset losses from the drop in Kura Sushi's long position.| Just Kitchen vs. Alsea SAB de | Just Kitchen vs. Marstons PLC | Just Kitchen vs. Bagger Daves Burger | Just Kitchen vs. Marstons 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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