Shake Shack Correlations

Stocks . USA . 
Stock . Shake Shack
SHAK Stock  USD 123.71  4.45  3.47%   
The current 90-days correlation between Shake Shack and Dine Brands Global is 0.64 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Shake Shack moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Shake Shack moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Shake Shack Correlation With Market

Very poor diversification

The correlation between Shake Shack and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shake Shack and DJI in the same portfolio, assuming nothing else is changed.
  
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Moving together with Shake Stock

  0.85H Hyatt HotelsPairCorr
  0.92BH Biglari HoldingsPairCorr
  0.95WING WingstopPairCorr
  0.85EVRI Everi Holdings Sell-off TrendPairCorr
  0.73WYNN Wynn Resorts LimitedPairCorr
  0.77FLUT Flutter Entertainment plcPairCorr
  0.88AGS PlayAGSPairCorr
  0.69BDL Flanigans EnterprisesPairCorr
  0.93BYD Boyd GamingPairCorr
  0.93CCL CarnivalPairCorr
  0.95CSV Carriage ServicesPairCorr
  0.94CUK Carnival Plc ADSPairCorr
  0.63DIN Dine Brands GlobalPairCorr
  0.83DRI Darden Restaurants Earnings Call This WeekPairCorr
  0.7EAT Brinker InternationalPairCorr
  0.92FTDR FrontdoorPairCorr
  0.78HGV Hilton Grand VacationsPairCorr
  0.9HLT Hilton Worldwide HoldingsPairCorr
  0.81IHG InterContinental HotelsPairCorr

Moving against Shake Stock

  0.87EJH E Home HouseholdPairCorr
  0.79SG SweetgreenPairCorr
  0.79DNUT Krispy KremePairCorr
  0.6FWRG First Watch Restaurant Downward RallyPairCorr
  0.57MSC Studio City InternationalPairCorr
  0.54BTBDW BT Brands WarrantPairCorr
  0.53GHG GreenTree HospitalityPairCorr
  0.46LTH Life Time GroupPairCorr
  0.38FAT FAT BrandsPairCorr
  0.37IGT International GamePairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
TXRH
+ 0.96
BJRI
PZZA
+ 0.91
DIN
PZZA
+ 0.73
TXRH
DENN
+ 0.71
DIN
TXRH
+ 0.7
DIN
DENN
+ 0.66
TXRH
  
High negative correlations   
JACK
- 0.66
EAT
JACK
- 0.64
BJRI
JACK
- 0.53
TXRH
JACK
- 0.22
PZZA
JACK
- 0.04
DIN

Risk-Adjusted Indicators

There is a big difference between Shake Stock performing well and Shake Shack Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Shake Shack's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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