Correlation Between SIEGR and Dennys Corp
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By analyzing existing cross correlation between SIEGR 6125 17 AUG 26 and Dennys Corp, you can compare the effects of market volatilities on SIEGR and Dennys Corp 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 SIEGR with a short position of Dennys Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of SIEGR and Dennys Corp.
Diversification Opportunities for SIEGR and Dennys Corp
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SIEGR and Dennys is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding SIEGR 6125 17 AUG 26 and Dennys Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dennys Corp and SIEGR 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 SIEGR 6125 17 AUG 26 are associated (or correlated) with Dennys Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dennys Corp has no effect on the direction of SIEGR i.e., SIEGR and Dennys Corp go up and down completely randomly.
Pair Corralation between SIEGR and Dennys Corp
Assuming the 90 days trading horizon SIEGR 6125 17 AUG 26 is expected to generate 0.19 times more return on investment than Dennys Corp. However, SIEGR 6125 17 AUG 26 is 5.13 times less risky than Dennys Corp. It trades about -0.01 of its potential returns per unit of risk. Dennys Corp is currently generating about -0.02 per unit of risk. If you would invest 10,510 in SIEGR 6125 17 AUG 26 on September 4, 2024 and sell it today you would lose (204.00) from holding SIEGR 6125 17 AUG 26 or give up 1.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 53.13% |
| Values | Daily Returns |
SIEGR 6125 17 AUG 26 vs. Dennys Corp
Performance |
| Timeline |
| SIEGR 6125 17 |
| Dennys Corp |
SIEGR and Dennys Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SIEGR and Dennys Corp
The main advantage of trading using opposite SIEGR and Dennys Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SIEGR position performs unexpectedly, Dennys Corp 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 Dennys Corp will offset losses from the drop in Dennys Corp's long position.| SIEGR vs. Allegheny Technologies Incorporated | SIEGR vs. Summit Environmental | SIEGR vs. Encore Capital Group | SIEGR vs. KeyCorp |
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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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