Correlation Between Dine Brands and CONOCOPHILLIPS
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By analyzing existing cross correlation between Dine Brands Global and CONOCOPHILLIPS CDA FDG, you can compare the effects of market volatilities on Dine Brands and CONOCOPHILLIPS 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 Dine Brands with a short position of CONOCOPHILLIPS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dine Brands and CONOCOPHILLIPS.
Diversification Opportunities for Dine Brands and CONOCOPHILLIPS
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Dine and CONOCOPHILLIPS is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Dine Brands Global and CONOCOPHILLIPS CDA FDG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONOCOPHILLIPS CDA FDG and Dine 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 Dine Brands Global are associated (or correlated) with CONOCOPHILLIPS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONOCOPHILLIPS CDA FDG has no effect on the direction of Dine Brands i.e., Dine Brands and CONOCOPHILLIPS go up and down completely randomly.
Pair Corralation between Dine Brands and CONOCOPHILLIPS
Considering the 90-day investment horizon Dine Brands Global is expected to under-perform the CONOCOPHILLIPS. In addition to that, Dine Brands is 2.52 times more volatile than CONOCOPHILLIPS CDA FDG. It trades about -0.06 of its total potential returns per unit of risk. CONOCOPHILLIPS CDA FDG is currently generating about 0.01 per unit of volatility. If you would invest 10,624 in CONOCOPHILLIPS CDA FDG on September 13, 2024 and sell it today you would earn a total of 37.00 from holding CONOCOPHILLIPS CDA FDG or generate 0.35% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 48.63% |
Values | Daily Returns |
Dine Brands Global vs. CONOCOPHILLIPS CDA FDG
Performance |
Timeline |
Dine Brands Global |
CONOCOPHILLIPS CDA FDG |
Dine Brands and CONOCOPHILLIPS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Dine Brands and CONOCOPHILLIPS
The main advantage of trading using opposite Dine Brands and CONOCOPHILLIPS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dine Brands position performs unexpectedly, CONOCOPHILLIPS 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 CONOCOPHILLIPS will offset losses from the drop in CONOCOPHILLIPS's long position.Dine Brands vs. Bloomin Brands | Dine Brands vs. BJs Restaurants | Dine Brands vs. The Cheesecake Factory | Dine Brands vs. Brinker International |
CONOCOPHILLIPS vs. Dine Brands Global | CONOCOPHILLIPS vs. Arrow Electronics | CONOCOPHILLIPS vs. Biglari Holdings | CONOCOPHILLIPS vs. Chipotle Mexican Grill |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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