Correlation Between Cinemark Holdings and Jack In
Can any of the company-specific risk be diversified away by investing in both Cinemark 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 Cinemark 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 Cinemark Holdings and Jack In The, you can compare the effects of market volatilities on Cinemark 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 Cinemark Holdings with a short position of Jack In. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinemark Holdings and Jack In.
Diversification Opportunities for Cinemark Holdings and Jack In
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cinemark and Jack is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Cinemark 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 Cinemark 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 Cinemark 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 Cinemark Holdings i.e., Cinemark Holdings and Jack In go up and down completely randomly.
Pair Corralation between Cinemark Holdings and Jack In
Considering the 90-day investment horizon Cinemark Holdings is expected to generate 1.12 times more return on investment than Jack In. However, Cinemark Holdings is 1.12 times more volatile than Jack In The. It trades about 0.2 of its potential returns per unit of risk. Jack In The is currently generating about -0.28 per unit of risk. If you would invest 1,394 in Cinemark Holdings on February 5, 2024 and sell it today you would earn a total of 378.00 from holding Cinemark Holdings or generate 27.12% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Cinemark Holdings vs. Jack In The
Performance |
Timeline |
Cinemark Holdings |
Jack In |
Cinemark Holdings and Jack In Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cinemark Holdings and Jack In
The main advantage of trading using opposite Cinemark Holdings and Jack In positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinemark 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.Cinemark Holdings vs. News Corp B | Cinemark Holdings vs. Marcus | Cinemark Holdings vs. Liberty Media | Cinemark Holdings vs. Warner Music Group |
Jack In vs. Dominos Pizza | Jack In vs. Yum Brands | Jack In vs. Papa Johns International | Jack In vs. The Wendys Co |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
Share Portfolio Track or share privately all of your investments from the convenience of any device | |
Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data |