Correlation Between Dave Busters and STATE
Specify exactly 2 symbols:
By analyzing existing cross correlation between Dave Busters Entertainment and STATE STREET P, you can compare the effects of market volatilities on Dave Busters and STATE 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 STATE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dave Busters and STATE.
Diversification Opportunities for Dave Busters and STATE
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Dave and STATE is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Dave Busters Entertainment and STATE STREET P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STATE STREET P 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 STATE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STATE STREET P has no effect on the direction of Dave Busters i.e., Dave Busters and STATE go up and down completely randomly.
Pair Corralation between Dave Busters and STATE
Given the investment horizon of 90 days Dave Busters Entertainment is expected to under-perform the STATE. In addition to that, Dave Busters is 2.91 times more volatile than STATE STREET P. It trades about -0.34 of its total potential returns per unit of risk. STATE STREET P is currently generating about 0.08 per unit of volatility. If you would invest 8,500 in STATE STREET P on October 24, 2024 and sell it today you would earn a total of 120.00 from holding STATE STREET P or generate 1.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
Dave Busters Entertainment vs. STATE STREET P
Performance |
| Timeline |
| Dave Busters Enterta |
| STATE STREET P |
Dave Busters and STATE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dave Busters and STATE
The main advantage of trading using opposite Dave Busters and STATE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dave Busters position performs unexpectedly, STATE 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 STATE will offset losses from the drop in STATE's long position.| Dave Busters vs. Imax Corp | Dave Busters vs. Marcus | Dave Busters vs. AMC Networks | Dave Busters vs. Cinemark 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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| CEOs Directory Screen CEOs from public companies around the world |