Correlation Between Kura Sushi and NORFOLK
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By analyzing existing cross correlation between Kura Sushi USA and NORFOLK SOUTHN P, you can compare the effects of market volatilities on Kura Sushi and NORFOLK 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 NORFOLK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kura Sushi and NORFOLK.
Diversification Opportunities for Kura Sushi and NORFOLK
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kura and NORFOLK is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Kura Sushi USA and NORFOLK SOUTHN P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NORFOLK SOUTHN P 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 NORFOLK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NORFOLK SOUTHN P has no effect on the direction of Kura Sushi i.e., Kura Sushi and NORFOLK go up and down completely randomly.
Pair Corralation between Kura Sushi and NORFOLK
Given the investment horizon of 90 days Kura Sushi USA is expected to generate 4.21 times more return on investment than NORFOLK. However, Kura Sushi is 4.21 times more volatile than NORFOLK SOUTHN P. It trades about 0.03 of its potential returns per unit of risk. NORFOLK SOUTHN P is currently generating about -0.06 per unit of risk. If you would invest 10,183 in Kura Sushi USA on October 9, 2024 and sell it today you would earn a total of 118.00 from holding Kura Sushi USA or generate 1.16% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 52.63% |
Values | Daily Returns |
Kura Sushi USA vs. NORFOLK SOUTHN P
Performance |
Timeline |
Kura Sushi USA |
NORFOLK SOUTHN P |
Kura Sushi and NORFOLK Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kura Sushi and NORFOLK
The main advantage of trading using opposite Kura Sushi and NORFOLK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kura Sushi position performs unexpectedly, NORFOLK 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 NORFOLK will offset losses from the drop in NORFOLK's long position.Kura Sushi vs. Chipotle Mexican Grill | Kura Sushi vs. Yum Brands | Kura Sushi vs. The Wendys Co | Kura Sushi vs. Wingstop |
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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