Correlation Between Rave Restaurant and COLUMBIA
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By analyzing existing cross correlation between Rave Restaurant Group and COLUMBIA PIPELINE GROUP, you can compare the effects of market volatilities on Rave Restaurant and COLUMBIA 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 Rave Restaurant with a short position of COLUMBIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rave Restaurant and COLUMBIA.
Diversification Opportunities for Rave Restaurant and COLUMBIA
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Rave and COLUMBIA is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Rave Restaurant Group and COLUMBIA PIPELINE GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COLUMBIA PIPELINE and Rave Restaurant 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 Rave Restaurant Group are associated (or correlated) with COLUMBIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COLUMBIA PIPELINE has no effect on the direction of Rave Restaurant i.e., Rave Restaurant and COLUMBIA go up and down completely randomly.
Pair Corralation between Rave Restaurant and COLUMBIA
Given the investment horizon of 90 days Rave Restaurant Group is expected to generate 20.12 times more return on investment than COLUMBIA. However, Rave Restaurant is 20.12 times more volatile than COLUMBIA PIPELINE GROUP. It trades about 0.05 of its potential returns per unit of risk. COLUMBIA PIPELINE GROUP is currently generating about 0.0 per unit of risk. If you would invest 225.00 in Rave Restaurant Group on September 12, 2024 and sell it today you would earn a total of 76.00 from holding Rave Restaurant Group or generate 33.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.56% |
| Values | Daily Returns |
Rave Restaurant Group vs. COLUMBIA PIPELINE GROUP
Performance |
| Timeline |
| Rave Restaurant Group |
| COLUMBIA PIPELINE |
Rave Restaurant and COLUMBIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rave Restaurant and COLUMBIA
The main advantage of trading using opposite Rave Restaurant and COLUMBIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rave Restaurant position performs unexpectedly, COLUMBIA 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 COLUMBIA will offset losses from the drop in COLUMBIA's long position.| Rave Restaurant vs. Ark Restaurants Corp | Rave Restaurant vs. One Group Hospitality | Rave Restaurant vs. Flanigans Enterprises | Rave Restaurant vs. Noble Romans |
| COLUMBIA vs. Valens | COLUMBIA vs. Texas Roadhouse | COLUMBIA vs. Rave Restaurant Group | COLUMBIA vs. ClearOne |
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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