Correlation Between ECOPET and Cracker Barrel
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By analyzing existing cross correlation between ECOPET 5875 02 NOV 51 and Cracker Barrel Old, you can compare the effects of market volatilities on ECOPET 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 ECOPET with a short position of Cracker Barrel. Check out your portfolio center. Please also check ongoing floating volatility patterns of ECOPET and Cracker Barrel.
Diversification Opportunities for ECOPET and Cracker Barrel
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ECOPET and Cracker is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding ECOPET 5875 02 NOV 51 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 ECOPET 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 ECOPET 5875 02 NOV 51 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 ECOPET i.e., ECOPET and Cracker Barrel go up and down completely randomly.
Pair Corralation between ECOPET and Cracker Barrel
If you would invest 0.00 in ECOPET 5875 02 NOV 51 on September 4, 2024 and sell it today you would earn a total of 0.00 from holding ECOPET 5875 02 NOV 51 or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 0.2% |
| Values | Daily Returns |
ECOPET 5875 02 NOV 51 vs. Cracker Barrel Old
Performance |
| Timeline |
| ECOPET 5875 02 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cracker Barrel Old |
ECOPET and Cracker Barrel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ECOPET and Cracker Barrel
The main advantage of trading using opposite ECOPET and Cracker Barrel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ECOPET 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.| ECOPET vs. Kandi Technologies Group | ECOPET vs. NETGEAR | ECOPET vs. Space Communication | ECOPET vs. Ituran Location and |
| 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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