Correlation Between 009158BC9 and GEN Restaurant
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By analyzing existing cross correlation between AIR PRODUCTS AND and GEN Restaurant Group,, you can compare the effects of market volatilities on 009158BC9 and GEN Restaurant 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 009158BC9 with a short position of GEN Restaurant. Check out your portfolio center. Please also check ongoing floating volatility patterns of 009158BC9 and GEN Restaurant.
Diversification Opportunities for 009158BC9 and GEN Restaurant
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between 009158BC9 and GEN is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding AIR PRODUCTS AND and GEN Restaurant Group, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GEN Restaurant Group, and 009158BC9 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 AIR PRODUCTS AND are associated (or correlated) with GEN Restaurant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GEN Restaurant Group, has no effect on the direction of 009158BC9 i.e., 009158BC9 and GEN Restaurant go up and down completely randomly.
Pair Corralation between 009158BC9 and GEN Restaurant
Assuming the 90 days trading horizon AIR PRODUCTS AND is expected to generate 0.11 times more return on investment than GEN Restaurant. However, AIR PRODUCTS AND is 9.37 times less risky than GEN Restaurant. It trades about -0.09 of its potential returns per unit of risk. GEN Restaurant Group, is currently generating about -0.01 per unit of risk. If you would invest 8,720 in AIR PRODUCTS AND on September 3, 2024 and sell it today you would lose (89.00) from holding AIR PRODUCTS AND or give up 1.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
AIR PRODUCTS AND vs. GEN Restaurant Group,
Performance |
| Timeline |
| AIR PRODUCTS AND |
| GEN Restaurant Group, |
009158BC9 and GEN Restaurant Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 009158BC9 and GEN Restaurant
The main advantage of trading using opposite 009158BC9 and GEN Restaurant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 009158BC9 position performs unexpectedly, GEN Restaurant 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 GEN Restaurant will offset losses from the drop in GEN Restaurant's long position.| 009158BC9 vs. The Travelers Companies | 009158BC9 vs. GE Aerospace | 009158BC9 vs. Walmart | 009158BC9 vs. Pfizer Inc |
| GEN Restaurant vs. SL Green Realty | GEN Restaurant vs. Haverty Furniture Companies | GEN Restaurant vs. FiscalNote Holdings | GEN Restaurant vs. Cadence Design Systems |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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