Correlation Between Texas Roadhouse and COMCAST
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By analyzing existing cross correlation between Texas Roadhouse and COMCAST PORATION, you can compare the effects of market volatilities on Texas Roadhouse and COMCAST 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 COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Texas Roadhouse and COMCAST.
Diversification Opportunities for Texas Roadhouse and COMCAST
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Texas and COMCAST is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Texas Roadhouse and COMCAST PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST PORATION 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 COMCAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMCAST PORATION has no effect on the direction of Texas Roadhouse i.e., Texas Roadhouse and COMCAST go up and down completely randomly.
Pair Corralation between Texas Roadhouse and COMCAST
Given the investment horizon of 90 days Texas Roadhouse is expected to generate 1.57 times less return on investment than COMCAST. But when comparing it to its historical volatility, Texas Roadhouse is 1.09 times less risky than COMCAST. It trades about 0.18 of its potential returns per unit of risk. COMCAST PORATION is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest 8,291 in COMCAST PORATION on September 4, 2024 and sell it today you would earn a total of 744.00 from holding COMCAST PORATION or generate 8.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 80.95% |
| Values | Daily Returns |
Texas Roadhouse vs. COMCAST PORATION
Performance |
| Timeline |
| Texas Roadhouse |
| COMCAST PORATION |
Texas Roadhouse and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Texas Roadhouse and COMCAST
The main advantage of trading using opposite Texas Roadhouse and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Texas Roadhouse position performs unexpectedly, COMCAST 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 COMCAST will offset losses from the drop in COMCAST's long position.| Texas Roadhouse vs. Brinker International | Texas Roadhouse vs. BJs Restaurants | Texas Roadhouse vs. Papa Johns International | Texas Roadhouse vs. Bloomin Brands |
| COMCAST vs. The Travelers Companies | COMCAST vs. GE Aerospace | COMCAST vs. Walmart | COMCAST vs. Pfizer Inc |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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