Correlation Between Flanigans Enterprises and Interactive Strength
Can any of the company-specific risk be diversified away by investing in both Flanigans Enterprises and Interactive Strength at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Flanigans Enterprises and Interactive Strength into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Flanigans Enterprises and Interactive Strength Common, you can compare the effects of market volatilities on Flanigans Enterprises and Interactive Strength 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 Flanigans Enterprises with a short position of Interactive Strength. Check out your portfolio center. Please also check ongoing floating volatility patterns of Flanigans Enterprises and Interactive Strength.
Diversification Opportunities for Flanigans Enterprises and Interactive Strength
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Flanigans and Interactive is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Flanigans Enterprises and Interactive Strength Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Interactive Strength and Flanigans Enterprises 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 Flanigans Enterprises are associated (or correlated) with Interactive Strength. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Interactive Strength has no effect on the direction of Flanigans Enterprises i.e., Flanigans Enterprises and Interactive Strength go up and down completely randomly.
Pair Corralation between Flanigans Enterprises and Interactive Strength
Considering the 90-day investment horizon Flanigans Enterprises is expected to generate 0.18 times more return on investment than Interactive Strength. However, Flanigans Enterprises is 5.63 times less risky than Interactive Strength. It trades about 0.03 of its potential returns per unit of risk. Interactive Strength Common is currently generating about -0.21 per unit of risk. If you would invest 2,484 in Flanigans Enterprises on November 20, 2024 and sell it today you would earn a total of 40.00 from holding Flanigans Enterprises or generate 1.61% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 96.61% |
Values | Daily Returns |
Flanigans Enterprises vs. Interactive Strength Common
Performance |
Timeline |
Flanigans Enterprises |
Interactive Strength |
Flanigans Enterprises and Interactive Strength Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Flanigans Enterprises and Interactive Strength
The main advantage of trading using opposite Flanigans Enterprises and Interactive Strength positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Flanigans Enterprises position performs unexpectedly, Interactive Strength 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 Interactive Strength will offset losses from the drop in Interactive Strength's long position.Flanigans Enterprises vs. FAT Brands | ||
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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