Correlation Between BBQ Holdings and Jack In

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both BBQ Holdings and Jack In 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 BBQ Holdings and Jack In into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BBQ Holdings and Jack In, you can compare the effects of market volatilities on BBQ Holdings and Jack In 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 BBQ Holdings with a short position of Jack In. Check out your portfolio center. Please also check ongoing floating volatility patterns of BBQ Holdings and Jack In.

Diversification Opportunities for BBQ Holdings and Jack In

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between BBQ and Jack is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BBQ Holdings and Jack In The in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jack In and BBQ Holdings 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 BBQ Holdings are associated (or correlated) with Jack In. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jack In has no effect on the direction of BBQ Holdings i.e., BBQ Holdings and Jack In go up and down completely randomly.

Pair Corralation between BBQ Holdings and Jack In

If you would invest  1,724  in BBQ Holdings on December 29, 2023 and sell it today you would earn a total of  0.00  from holding BBQ Holdings or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.69%
ValuesDaily Returns

BBQ Holdings  vs.  Jack In The

 Performance 
       Timeline  
BBQ Holdings 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days BBQ Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable fundamental drivers, BBQ Holdings is not utilizing all of its potentials. The recent stock price agitation, may contribute to short-term losses for the retail investors.
Jack In 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days Jack In has generated negative risk-adjusted returns adding no value to investors with long positions. Despite inconsistent performance in the last few months, the Stock's fundamental indicators remain quite persistent which may send shares a bit higher in April 2024. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

BBQ Holdings and Jack In Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with BBQ Holdings and Jack In

The main advantage of trading using opposite BBQ Holdings and Jack In positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BBQ Holdings position performs unexpectedly, Jack In 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 Jack In will offset losses from the drop in Jack In's long position.
The idea behind BBQ Holdings and Jack In pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.

Other Complementary Tools

Investing Opportunities
Build portfolios using our predefined set of ideas and optimize them against your investing preferences
Stock Tickers
Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites
Bollinger Bands
Use Bollinger Bands indicator to analyze target price for a given investing horizon
Sectors
List of equity sectors categorizing publicly traded companies based on their primary business activities
FinTech Suite
Use AI to screen and filter profitable investment opportunities
Portfolio Backtesting
Avoid under-diversification and over-optimization by backtesting your portfolios
Insider Screener
Find insiders across different sectors to evaluate their impact on performance
Money Flow Index
Determine momentum by analyzing Money Flow Index and other technical indicators
Economic Indicators
Top statistical indicators that provide insights into how an economy is performing