Correlation Between Texas Roadhouse and JEFFERIES
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By analyzing existing cross correlation between Texas Roadhouse and JEFFERIES GROUP INC, you can compare the effects of market volatilities on Texas Roadhouse and JEFFERIES 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 JEFFERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Texas Roadhouse and JEFFERIES.
Diversification Opportunities for Texas Roadhouse and JEFFERIES
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Texas and JEFFERIES is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Texas Roadhouse and JEFFERIES GROUP INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JEFFERIES GROUP INC 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 JEFFERIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JEFFERIES GROUP INC has no effect on the direction of Texas Roadhouse i.e., Texas Roadhouse and JEFFERIES go up and down completely randomly.
Pair Corralation between Texas Roadhouse and JEFFERIES
Given the investment horizon of 90 days Texas Roadhouse is expected to under-perform the JEFFERIES. In addition to that, Texas Roadhouse is 4.53 times more volatile than JEFFERIES GROUP INC. It trades about -0.12 of its total potential returns per unit of risk. JEFFERIES GROUP INC is currently generating about 0.05 per unit of volatility. If you would invest 10,350 in JEFFERIES GROUP INC on January 23, 2025 and sell it today you would earn a total of 57.00 from holding JEFFERIES GROUP INC or generate 0.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Texas Roadhouse vs. JEFFERIES GROUP INC
Performance |
| Timeline |
| Texas Roadhouse |
| JEFFERIES GROUP INC |
Texas Roadhouse and JEFFERIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Texas Roadhouse and JEFFERIES
The main advantage of trading using opposite Texas Roadhouse and JEFFERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Texas Roadhouse position performs unexpectedly, JEFFERIES 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 JEFFERIES will offset losses from the drop in JEFFERIES's long position.| Texas Roadhouse vs. Brinker International | Texas Roadhouse vs. BJs Restaurants | Texas Roadhouse vs. Papa Johns International | Texas Roadhouse vs. Bloomin Brands |
| JEFFERIES vs. Allient | JEFFERIES vs. Townsquare Media | JEFFERIES vs. 51Talk Online Education | JEFFERIES vs. Jabil Circuit |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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