Correlation Between Bridgford Foods and Whole Earth
Can any of the company-specific risk be diversified away by investing in both Bridgford Foods and Whole Earth 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 Bridgford Foods and Whole Earth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bridgford Foods and Whole Earth Brands, you can compare the effects of market volatilities on Bridgford Foods and Whole Earth 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 Bridgford Foods with a short position of Whole Earth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bridgford Foods and Whole Earth.
Diversification Opportunities for Bridgford Foods and Whole Earth
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bridgford and Whole is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bridgford Foods and Whole Earth Brands in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Whole Earth Brands and Bridgford Foods 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 Bridgford Foods are associated (or correlated) with Whole Earth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Whole Earth Brands has no effect on the direction of Bridgford Foods i.e., Bridgford Foods and Whole Earth go up and down completely randomly.
Pair Corralation between Bridgford Foods and Whole Earth
If you would invest (100.00) in Whole Earth Brands on November 27, 2024 and sell it today you would earn a total of 100.00 from holding Whole Earth Brands or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Bridgford Foods vs. Whole Earth Brands
Performance |
| Timeline |
| Bridgford Foods |
| Whole Earth Brands |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Bridgford Foods and Whole Earth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bridgford Foods and Whole Earth
The main advantage of trading using opposite Bridgford Foods and Whole Earth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bridgford Foods position performs unexpectedly, Whole Earth 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 Whole Earth will offset losses from the drop in Whole Earth's long position.| Bridgford Foods vs. Seneca Foods Corp | Bridgford Foods vs. J J Snack | Bridgford Foods vs. Central Garden Pet | Bridgford Foods vs. Central Garden Pet |
| Whole Earth vs. Seneca Foods Corp | Whole Earth vs. Lifeway Foods | Whole Earth vs. John B Sanfilippo | Whole Earth vs. Natures Sunshine Products |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |