Correlation Between Bridgford Foods and CABLEVISION
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bridgford Foods and CABLEVISION LIGHTPATH LLC, you can compare the effects of market volatilities on Bridgford Foods and CABLEVISION 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 CABLEVISION. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bridgford Foods and CABLEVISION.
Diversification Opportunities for Bridgford Foods and CABLEVISION
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bridgford and CABLEVISION is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Bridgford Foods and CABLEVISION LIGHTPATH LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CABLEVISION LIGHTPATH LLC 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 CABLEVISION. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CABLEVISION LIGHTPATH LLC has no effect on the direction of Bridgford Foods i.e., Bridgford Foods and CABLEVISION go up and down completely randomly.
Pair Corralation between Bridgford Foods and CABLEVISION
Given the investment horizon of 90 days Bridgford Foods is expected to generate 0.77 times more return on investment than CABLEVISION. However, Bridgford Foods is 1.29 times less risky than CABLEVISION. It trades about 0.04 of its potential returns per unit of risk. CABLEVISION LIGHTPATH LLC is currently generating about -0.27 per unit of risk. If you would invest 895.00 in Bridgford Foods on August 31, 2024 and sell it today you would earn a total of 11.00 from holding Bridgford Foods or generate 1.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 77.27% |
| Values | Daily Returns |
Bridgford Foods vs. CABLEVISION LIGHTPATH LLC
Performance |
| Timeline |
| Bridgford Foods |
| CABLEVISION LIGHTPATH LLC |
Bridgford Foods and CABLEVISION Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bridgford Foods and CABLEVISION
The main advantage of trading using opposite Bridgford Foods and CABLEVISION positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bridgford Foods position performs unexpectedly, CABLEVISION 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 CABLEVISION will offset losses from the drop in CABLEVISION'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 |
| CABLEVISION vs. Bridgford Foods | CABLEVISION vs. Parker Hannifin | CABLEVISION vs. CECO Environmental Corp | CABLEVISION vs. AMCON Distributing |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |