Correlation Between BJs Restaurants and Greentown Management
Can any of the company-specific risk be diversified away by investing in both BJs Restaurants and Greentown Management 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 BJs Restaurants and Greentown Management into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BJs Restaurants and Greentown Management Holdings, you can compare the effects of market volatilities on BJs Restaurants and Greentown Management 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 BJs Restaurants with a short position of Greentown Management. Check out your portfolio center. Please also check ongoing floating volatility patterns of BJs Restaurants and Greentown Management.
Diversification Opportunities for BJs Restaurants and Greentown Management
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BJs and Greentown is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BJs Restaurants and Greentown Management Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greentown Management and BJs Restaurants 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 BJs Restaurants are associated (or correlated) with Greentown Management. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greentown Management has no effect on the direction of BJs Restaurants i.e., BJs Restaurants and Greentown Management go up and down completely randomly.
Pair Corralation between BJs Restaurants and Greentown Management
If you would invest 3,316 in BJs Restaurants on August 30, 2025 and sell it today you would earn a total of 546.00 from holding BJs Restaurants or generate 16.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
BJs Restaurants vs. Greentown Management Holdings
Performance |
| Timeline |
| BJs Restaurants |
| Greentown Management |
BJs Restaurants and Greentown Management Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BJs Restaurants and Greentown Management
The main advantage of trading using opposite BJs Restaurants and Greentown Management positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BJs Restaurants position performs unexpectedly, Greentown Management 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 Greentown Management will offset losses from the drop in Greentown Management's long position.| BJs Restaurants vs. Cabal Communications | BJs Restaurants vs. Electreon Wireless | BJs Restaurants vs. Gamma Communications plc | BJs Restaurants vs. Forum Mobile |
| Greentown Management vs. CBRE Group Class | Greentown Management vs. CoStar Group | Greentown Management vs. Ke Holdings | Greentown Management vs. Vantage Towers AG |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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