Correlation Between Bridgford Foods and JABHOL
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By analyzing existing cross correlation between Bridgford Foods and JABHOL 45 08 APR 52, you can compare the effects of market volatilities on Bridgford Foods and JABHOL 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 JABHOL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bridgford Foods and JABHOL.
Diversification Opportunities for Bridgford Foods and JABHOL
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bridgford and JABHOL is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Bridgford Foods and JABHOL 45 08 APR 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JABHOL 45 08 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 JABHOL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JABHOL 45 08 has no effect on the direction of Bridgford Foods i.e., Bridgford Foods and JABHOL go up and down completely randomly.
Pair Corralation between Bridgford Foods and JABHOL
Given the investment horizon of 90 days Bridgford Foods is expected to generate 1.56 times less return on investment than JABHOL. In addition to that, Bridgford Foods is 2.79 times more volatile than JABHOL 45 08 APR 52. It trades about 0.15 of its total potential returns per unit of risk. JABHOL 45 08 APR 52 is currently generating about 0.64 per unit of volatility. If you would invest 7,600 in JABHOL 45 08 APR 52 on September 4, 2024 and sell it today you would earn a total of 174.00 from holding JABHOL 45 08 APR 52 or generate 2.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 23.81% |
| Values | Daily Returns |
Bridgford Foods vs. JABHOL 45 08 APR 52
Performance |
| Timeline |
| Bridgford Foods |
| JABHOL 45 08 |
Bridgford Foods and JABHOL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bridgford Foods and JABHOL
The main advantage of trading using opposite Bridgford Foods and JABHOL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bridgford Foods position performs unexpectedly, JABHOL 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 JABHOL will offset losses from the drop in JABHOL'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 |
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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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