Correlation Between 126408GS6 and Cracker Barrel
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By analyzing existing cross correlation between CSX P 622 and Cracker Barrel Old, you can compare the effects of market volatilities on 126408GS6 and Cracker Barrel 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 126408GS6 with a short position of Cracker Barrel. Check out your portfolio center. Please also check ongoing floating volatility patterns of 126408GS6 and Cracker Barrel.
Diversification Opportunities for 126408GS6 and Cracker Barrel
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between 126408GS6 and Cracker is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding CSX P 622 and Cracker Barrel Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cracker Barrel Old and 126408GS6 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 CSX P 622 are associated (or correlated) with Cracker Barrel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cracker Barrel Old has no effect on the direction of 126408GS6 i.e., 126408GS6 and Cracker Barrel go up and down completely randomly.
Pair Corralation between 126408GS6 and Cracker Barrel
Assuming the 90 days trading horizon CSX P 622 is expected to under-perform the Cracker Barrel. But the bond apears to be less risky and, when comparing its historical volatility, CSX P 622 is 3.56 times less risky than Cracker Barrel. The bond trades about -0.02 of its potential returns per unit of risk. The Cracker Barrel Old is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 4,784 in Cracker Barrel Old on September 5, 2024 and sell it today you would earn a total of 787.00 from holding Cracker Barrel Old or generate 16.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 79.2% |
| Values | Daily Returns |
CSX P 622 vs. Cracker Barrel Old
Performance |
| Timeline |
| CSX P 622 |
| Cracker Barrel Old |
126408GS6 and Cracker Barrel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 126408GS6 and Cracker Barrel
The main advantage of trading using opposite 126408GS6 and Cracker Barrel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 126408GS6 position performs unexpectedly, Cracker Barrel 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 Cracker Barrel will offset losses from the drop in Cracker Barrel's long position.| 126408GS6 vs. Cracker Barrel Old | 126408GS6 vs. Sonida Senior Living | 126408GS6 vs. Yum Brands | 126408GS6 vs. First Watch Restaurant |
| Cracker Barrel vs. Brinker International | Cracker Barrel vs. BJs Restaurants | Cracker Barrel vs. Texas Roadhouse | Cracker Barrel vs. Papa Johns International |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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