Correlation Between Nixxy, and Biglari Holdings
Can any of the company-specific risk be diversified away by investing in both Nixxy, and Biglari Holdings 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 Nixxy, and Biglari Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nixxy, Inc and Biglari Holdings, you can compare the effects of market volatilities on Nixxy, and Biglari Holdings 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 Nixxy, with a short position of Biglari Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nixxy, and Biglari Holdings.
Diversification Opportunities for Nixxy, and Biglari Holdings
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nixxy, and Biglari is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Nixxy, Inc and Biglari Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Biglari Holdings and Nixxy, 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 Nixxy, Inc are associated (or correlated) with Biglari Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Biglari Holdings has no effect on the direction of Nixxy, i.e., Nixxy, and Biglari Holdings go up and down completely randomly.
Pair Corralation between Nixxy, and Biglari Holdings
Given the investment horizon of 90 days Nixxy, Inc is expected to generate 5.06 times more return on investment than Biglari Holdings. However, Nixxy, is 5.06 times more volatile than Biglari Holdings. It trades about 0.44 of its potential returns per unit of risk. Biglari Holdings is currently generating about 0.24 per unit of risk. If you would invest 279.00 in Nixxy, Inc on September 15, 2024 and sell it today you would earn a total of 301.00 from holding Nixxy, Inc or generate 107.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nixxy, Inc vs. Biglari Holdings
Performance |
| Timeline |
| Nixxy, Inc |
| Biglari Holdings |
Nixxy, and Biglari Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nixxy, and Biglari Holdings
The main advantage of trading using opposite Nixxy, and Biglari Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nixxy, position performs unexpectedly, Biglari Holdings 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 Biglari Holdings will offset losses from the drop in Biglari Holdings' long position.| Nixxy, vs. Sonida Senior Living | Nixxy, vs. Viemed Healthcare | Nixxy, vs. SEI Investments | Nixxy, vs. Artisan Partners Asset |
| Biglari Holdings vs. Cannae Holdings | Biglari Holdings vs. BJs Restaurants | Biglari Holdings vs. Ark Restaurants Corp | Biglari Holdings vs. Noble Romans |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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