Correlation Between Chipotle Mexican and KEYBANK
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By analyzing existing cross correlation between Chipotle Mexican Grill and KEYBANK NATL ASSN, you can compare the effects of market volatilities on Chipotle Mexican and KEYBANK 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 Chipotle Mexican with a short position of KEYBANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chipotle Mexican and KEYBANK.
Diversification Opportunities for Chipotle Mexican and KEYBANK
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Chipotle and KEYBANK is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Chipotle Mexican Grill and KEYBANK NATL ASSN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KEYBANK NATL ASSN and Chipotle Mexican 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 Chipotle Mexican Grill are associated (or correlated) with KEYBANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KEYBANK NATL ASSN has no effect on the direction of Chipotle Mexican i.e., Chipotle Mexican and KEYBANK go up and down completely randomly.
Pair Corralation between Chipotle Mexican and KEYBANK
Considering the 90-day investment horizon Chipotle Mexican Grill is expected to generate 2.14 times more return on investment than KEYBANK. However, Chipotle Mexican is 2.14 times more volatile than KEYBANK NATL ASSN. It trades about 0.01 of its potential returns per unit of risk. KEYBANK NATL ASSN is currently generating about -0.12 per unit of risk. If you would invest 6,241 in Chipotle Mexican Grill on September 25, 2024 and sell it today you would lose (13.00) from holding Chipotle Mexican Grill or give up 0.21% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 52.38% |
Values | Daily Returns |
Chipotle Mexican Grill vs. KEYBANK NATL ASSN
Performance |
Timeline |
Chipotle Mexican Grill |
KEYBANK NATL ASSN |
Chipotle Mexican and KEYBANK Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Chipotle Mexican and KEYBANK
The main advantage of trading using opposite Chipotle Mexican and KEYBANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chipotle Mexican position performs unexpectedly, KEYBANK 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 KEYBANK will offset losses from the drop in KEYBANK's long position.Chipotle Mexican vs. Starbucks | Chipotle Mexican vs. Dominos Pizza | Chipotle Mexican vs. Yum Brands | Chipotle Mexican vs. The Wendys Co |
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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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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