Correlation Between Dave Busters and IHH Healthcare
Can any of the company-specific risk be diversified away by investing in both Dave Busters and IHH Healthcare 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 Dave Busters and IHH Healthcare into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dave Busters Entertainment and IHH Healthcare Berhad, you can compare the effects of market volatilities on Dave Busters and IHH Healthcare 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 Dave Busters with a short position of IHH Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dave Busters and IHH Healthcare.
Diversification Opportunities for Dave Busters and IHH Healthcare
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Dave and IHH is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Dave Busters Entertainment and IHH Healthcare Berhad in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IHH Healthcare Berhad and Dave Busters 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 Dave Busters Entertainment are associated (or correlated) with IHH Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IHH Healthcare Berhad has no effect on the direction of Dave Busters i.e., Dave Busters and IHH Healthcare go up and down completely randomly.
Pair Corralation between Dave Busters and IHH Healthcare
If you would invest 119.00 in IHH Healthcare Berhad on October 9, 2024 and sell it today you would earn a total of 0.00 from holding IHH Healthcare Berhad or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Dave Busters Entertainment vs. IHH Healthcare Berhad
Performance |
| Timeline |
| Dave Busters Enterta |
| IHH Healthcare Berhad |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Dave Busters and IHH Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dave Busters and IHH Healthcare
The main advantage of trading using opposite Dave Busters and IHH Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dave Busters position performs unexpectedly, IHH Healthcare 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 IHH Healthcare will offset losses from the drop in IHH Healthcare's long position.| Dave Busters vs. Imax Corp | Dave Busters vs. Marcus | Dave Busters vs. AMC Networks | Dave Busters vs. Cinemark Holdings |
| IHH Healthcare vs. Precision Optics, | IHH Healthcare vs. Merit Medical Systems | IHH Healthcare vs. Intuitive Surgical | IHH Healthcare vs. Nyxoah |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |