Correlation Between Dave Busters and BIOGEN
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By analyzing existing cross correlation between Dave Busters Entertainment and BIOGEN INC 52, you can compare the effects of market volatilities on Dave Busters and BIOGEN 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 BIOGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dave Busters and BIOGEN.
Diversification Opportunities for Dave Busters and BIOGEN
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Dave and BIOGEN is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Dave Busters Entertainment and BIOGEN INC 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIOGEN INC 52 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 BIOGEN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BIOGEN INC 52 has no effect on the direction of Dave Busters i.e., Dave Busters and BIOGEN go up and down completely randomly.
Pair Corralation between Dave Busters and BIOGEN
Given the investment horizon of 90 days Dave Busters Entertainment is expected to under-perform the BIOGEN. In addition to that, Dave Busters is 4.68 times more volatile than BIOGEN INC 52. It trades about -0.26 of its total potential returns per unit of risk. BIOGEN INC 52 is currently generating about 0.17 per unit of volatility. If you would invest 9,248 in BIOGEN INC 52 on September 12, 2024 and sell it today you would earn a total of 282.00 from holding BIOGEN INC 52 or generate 3.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
Dave Busters Entertainment vs. BIOGEN INC 52
Performance |
| Timeline |
| Dave Busters Enterta |
| BIOGEN INC 52 |
Dave Busters and BIOGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dave Busters and BIOGEN
The main advantage of trading using opposite Dave Busters and BIOGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dave Busters position performs unexpectedly, BIOGEN 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 BIOGEN will offset losses from the drop in BIOGEN's long position.| Dave Busters vs. Imax Corp | Dave Busters vs. Marcus | Dave Busters vs. AMC Networks | Dave Busters vs. Cinemark Holdings |
| BIOGEN vs. AEP TEX INC | BIOGEN vs. US BANK NATIONAL | BIOGEN vs. Applied Blockchain | BIOGEN vs. BigBearai Holdings |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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