Correlation Between Dave Busters and 14040HCF0
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By analyzing existing cross correlation between Dave Busters Entertainment and COF 395, you can compare the effects of market volatilities on Dave Busters and 14040HCF0 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 Dave Busters with a short position of 14040HCF0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dave Busters and 14040HCF0.
Diversification Opportunities for Dave Busters and 14040HCF0
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Dave and 14040HCF0 is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Dave Busters Entertainment and COF 395 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 14040HCF0 and Dave Busters 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 Dave Busters Entertainment are associated (or correlated) with 14040HCF0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 14040HCF0 has no effect on the direction of Dave Busters i.e., Dave Busters and 14040HCF0 go up and down completely randomly.
Pair Corralation between Dave Busters and 14040HCF0
Given the investment horizon of 90 days Dave Busters Entertainment is expected to under-perform the 14040HCF0. In addition to that, Dave Busters is 1.94 times more volatile than COF 395. It trades about -0.09 of its total potential returns per unit of risk. COF 395 is currently generating about -0.11 per unit of volatility. If you would invest 9,472 in COF 395 on October 26, 2024 and sell it today you would lose (1,734) from holding COF 395 or give up 18.31% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 98.36% |
Values | Daily Returns |
Dave Busters Entertainment vs. COF 395
Performance |
Timeline |
Dave Busters Enterta |
14040HCF0 |
Dave Busters and 14040HCF0 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Dave Busters and 14040HCF0
The main advantage of trading using opposite Dave Busters and 14040HCF0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dave Busters position performs unexpectedly, 14040HCF0 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 14040HCF0 will offset losses from the drop in 14040HCF0's long position.Dave Busters vs. Imax Corp | Dave Busters vs. Marcus | Dave Busters vs. AMC Networks | Dave Busters vs. Cinemark Holdings |
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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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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