Correlation Between Bridgford Foods and 63858SAA7
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By analyzing existing cross correlation between Bridgford Foods and BANK OF AMERICA, you can compare the effects of market volatilities on Bridgford Foods and 63858SAA7 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 63858SAA7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bridgford Foods and 63858SAA7.
Diversification Opportunities for Bridgford Foods and 63858SAA7
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bridgford and 63858SAA7 is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Bridgford Foods and BANK OF AMERICA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BANK OF AMERICA 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 63858SAA7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BANK OF AMERICA has no effect on the direction of Bridgford Foods i.e., Bridgford Foods and 63858SAA7 go up and down completely randomly.
Pair Corralation between Bridgford Foods and 63858SAA7
Given the investment horizon of 90 days Bridgford Foods is expected to under-perform the 63858SAA7. In addition to that, Bridgford Foods is 4.37 times more volatile than BANK OF AMERICA. It trades about -0.01 of its total potential returns per unit of risk. BANK OF AMERICA is currently generating about 0.01 per unit of volatility. If you would invest 10,229 in BANK OF AMERICA on September 4, 2024 and sell it today you would earn a total of 92.00 from holding BANK OF AMERICA or generate 0.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 57.45% |
| Values | Daily Returns |
Bridgford Foods vs. BANK OF AMERICA
Performance |
| Timeline |
| Bridgford Foods |
| BANK OF AMERICA |
Bridgford Foods and 63858SAA7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bridgford Foods and 63858SAA7
The main advantage of trading using opposite Bridgford Foods and 63858SAA7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bridgford Foods position performs unexpectedly, 63858SAA7 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 63858SAA7 will offset losses from the drop in 63858SAA7'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 |
| 63858SAA7 vs. The Joint Corp | 63858SAA7 vs. Hafnia Limited | 63858SAA7 vs. KNOT Offshore Partners | 63858SAA7 vs. Teleflex Incorporated |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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