Correlation Between Texas Roadhouse and COLUMBIA
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By analyzing existing cross correlation between Texas Roadhouse and COLUMBIA PIPELINE GROUP, you can compare the effects of market volatilities on Texas Roadhouse 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 Texas Roadhouse with a short position of COLUMBIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Texas Roadhouse and COLUMBIA.
Diversification Opportunities for Texas Roadhouse and COLUMBIA
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Texas and COLUMBIA is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Texas Roadhouse and COLUMBIA PIPELINE GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COLUMBIA PIPELINE and Texas Roadhouse 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 Texas Roadhouse 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 Texas Roadhouse i.e., Texas Roadhouse and COLUMBIA go up and down completely randomly.
Pair Corralation between Texas Roadhouse and COLUMBIA
Given the investment horizon of 90 days Texas Roadhouse is expected to generate 10.55 times more return on investment than COLUMBIA. However, Texas Roadhouse is 10.55 times more volatile than COLUMBIA PIPELINE GROUP. It trades about 0.14 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 11,638 in Texas Roadhouse on September 12, 2024 and sell it today you would earn a total of 7,682 from holding Texas Roadhouse or generate 66.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.56% |
| Values | Daily Returns |
Texas Roadhouse vs. COLUMBIA PIPELINE GROUP
Performance |
| Timeline |
| Texas Roadhouse |
| COLUMBIA PIPELINE |
Texas Roadhouse and COLUMBIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Texas Roadhouse and COLUMBIA
The main advantage of trading using opposite Texas Roadhouse and COLUMBIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Texas Roadhouse 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.| Texas Roadhouse vs. Noble Romans | Texas Roadhouse vs. Good Times Restaurants | Texas Roadhouse vs. Flanigans Enterprises | Texas Roadhouse vs. FAT Brands |
| 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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