Correlation Between Bloomin Brands and Ssga High
Can any of the company-specific risk be diversified away by investing in both Bloomin Brands and Ssga High 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 Bloomin Brands and Ssga High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bloomin Brands and Ssga High Yield, you can compare the effects of market volatilities on Bloomin Brands and Ssga High 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 Bloomin Brands with a short position of Ssga High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloomin Brands and Ssga High.
Diversification Opportunities for Bloomin Brands and Ssga High
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bloomin and Ssga is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bloomin Brands and Ssga High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ssga High Yield and Bloomin Brands 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 Bloomin Brands are associated (or correlated) with Ssga High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ssga High Yield has no effect on the direction of Bloomin Brands i.e., Bloomin Brands and Ssga High go up and down completely randomly.
Pair Corralation between Bloomin Brands and Ssga High
If you would invest 2,064 in Bloomin Brands on January 26, 2024 and sell it today you would earn a total of 639.00 from holding Bloomin Brands or generate 30.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Bloomin Brands vs. Ssga High Yield
Performance |
| Timeline |
| Bloomin Brands |
| Ssga High Yield |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bloomin Brands and Ssga High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloomin Brands and Ssga High
The main advantage of trading using opposite Bloomin Brands and Ssga High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloomin Brands position performs unexpectedly, Ssga High 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 Ssga High will offset losses from the drop in Ssga High's long position.| Bloomin Brands vs. Imax Corp | Bloomin Brands vs. Marcus | Bloomin Brands vs. AMC Networks | Bloomin Brands 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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