Correlation Between 049560AY1 and BJs Restaurants
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By analyzing existing cross correlation between ATO 575 15 OCT 52 and BJs Restaurants, you can compare the effects of market volatilities on 049560AY1 and BJs Restaurants 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 049560AY1 with a short position of BJs Restaurants. Check out your portfolio center. Please also check ongoing floating volatility patterns of 049560AY1 and BJs Restaurants.
Diversification Opportunities for 049560AY1 and BJs Restaurants
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 049560AY1 and BJs is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding ATO 575 15 OCT 52 and BJs Restaurants in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BJs Restaurants and 049560AY1 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 ATO 575 15 OCT 52 are associated (or correlated) with BJs Restaurants. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BJs Restaurants has no effect on the direction of 049560AY1 i.e., 049560AY1 and BJs Restaurants go up and down completely randomly.
Pair Corralation between 049560AY1 and BJs Restaurants
Assuming the 90 days trading horizon 049560AY1 is expected to generate 2.81 times less return on investment than BJs Restaurants. But when comparing it to its historical volatility, ATO 575 15 OCT 52 is 2.04 times less risky than BJs Restaurants. It trades about 0.03 of its potential returns per unit of risk. BJs Restaurants is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 3,464 in BJs Restaurants on September 3, 2024 and sell it today you would earn a total of 380.00 from holding BJs Restaurants or generate 10.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 64.38% |
| Values | Daily Returns |
ATO 575 15 OCT 52 vs. BJs Restaurants
Performance |
| Timeline |
| ATO 575 15 |
| BJs Restaurants |
049560AY1 and BJs Restaurants Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 049560AY1 and BJs Restaurants
The main advantage of trading using opposite 049560AY1 and BJs Restaurants positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 049560AY1 position performs unexpectedly, BJs Restaurants 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 BJs Restaurants will offset losses from the drop in BJs Restaurants' long position.| 049560AY1 vs. Ainsworth Game Technology | 049560AY1 vs. BJs Restaurants | 049560AY1 vs. Peoples Educational Holdings | 049560AY1 vs. Daily Journal Corp |
| BJs Restaurants vs. Dine Brands Global | BJs Restaurants vs. Brinker International | BJs Restaurants vs. Bloomin Brands | BJs Restaurants vs. The Cheesecake Factory |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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