Correlation Between Kura Sushi and MACYS
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kura Sushi USA and MACYS RETAIL HLDGS, you can compare the effects of market volatilities on Kura Sushi and MACYS 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 Kura Sushi with a short position of MACYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kura Sushi and MACYS.
Diversification Opportunities for Kura Sushi and MACYS
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kura and MACYS is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Kura Sushi USA and MACYS RETAIL HLDGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MACYS RETAIL HLDGS and Kura Sushi 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 Kura Sushi USA are associated (or correlated) with MACYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MACYS RETAIL HLDGS has no effect on the direction of Kura Sushi i.e., Kura Sushi and MACYS go up and down completely randomly.
Pair Corralation between Kura Sushi and MACYS
Given the investment horizon of 90 days Kura Sushi USA is expected to generate 2.12 times more return on investment than MACYS. However, Kura Sushi is 2.12 times more volatile than MACYS RETAIL HLDGS. It trades about 0.13 of its potential returns per unit of risk. MACYS RETAIL HLDGS is currently generating about -0.09 per unit of risk. If you would invest 9,233 in Kura Sushi USA on September 12, 2024 and sell it today you would earn a total of 806.00 from holding Kura Sushi USA or generate 8.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Kura Sushi USA vs. MACYS RETAIL HLDGS
Performance |
| Timeline |
| Kura Sushi USA |
| MACYS RETAIL HLDGS |
Kura Sushi and MACYS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kura Sushi and MACYS
The main advantage of trading using opposite Kura Sushi and MACYS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kura Sushi position performs unexpectedly, MACYS 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 MACYS will offset losses from the drop in MACYS's long position.| Kura Sushi vs. Noble Romans | Kura Sushi vs. Good Times Restaurants | Kura Sushi vs. Flanigans Enterprises | Kura Sushi vs. FAT Brands |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |