Correlation Between UNION and Dave Busters
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By analyzing existing cross correlation between UNION ELEC 39 and Dave Busters Entertainment, you can compare the effects of market volatilities on UNION and Dave Busters 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 UNION with a short position of Dave Busters. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNION and Dave Busters.
Diversification Opportunities for UNION and Dave Busters
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between UNION and Dave is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding UNION ELEC 39 and Dave Busters Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dave Busters Enterta and UNION 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 UNION ELEC 39 are associated (or correlated) with Dave Busters. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dave Busters Enterta has no effect on the direction of UNION i.e., UNION and Dave Busters go up and down completely randomly.
Pair Corralation between UNION and Dave Busters
Assuming the 90 days trading horizon UNION ELEC 39 is expected to generate 0.37 times more return on investment than Dave Busters. However, UNION ELEC 39 is 2.71 times less risky than Dave Busters. It trades about 0.43 of its potential returns per unit of risk. Dave Busters Entertainment is currently generating about 0.05 per unit of risk. If you would invest 8,225 in UNION ELEC 39 on September 3, 2024 and sell it today you would earn a total of 511.00 from holding UNION ELEC 39 or generate 6.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 50.0% |
| Values | Daily Returns |
UNION ELEC 39 vs. Dave Busters Entertainment
Performance |
| Timeline |
| UNION ELEC |
| Dave Busters Enterta |
UNION and Dave Busters Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNION and Dave Busters
The main advantage of trading using opposite UNION and Dave Busters positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNION position performs unexpectedly, Dave Busters 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 Dave Busters will offset losses from the drop in Dave Busters' long position.| UNION vs. Playtika Holding Corp | UNION vs. Dave Busters Entertainment | UNION vs. Xponential Fitness | UNION vs. NL Industries |
| Dave Busters vs. Marcus | Dave Busters vs. News Corp B | Dave Busters vs. Warner Music Group | Dave Busters vs. Manchester United |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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