Correlation Between Bridgford Foods and 668771AL2
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By analyzing existing cross correlation between Bridgford Foods and GEN 7125 30 SEP 30, you can compare the effects of market volatilities on Bridgford Foods and 668771AL2 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 668771AL2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bridgford Foods and 668771AL2.
Diversification Opportunities for Bridgford Foods and 668771AL2
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bridgford and 668771AL2 is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Bridgford Foods and GEN 7125 30 SEP 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GEN 7125 30 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 668771AL2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GEN 7125 30 has no effect on the direction of Bridgford Foods i.e., Bridgford Foods and 668771AL2 go up and down completely randomly.
Pair Corralation between Bridgford Foods and 668771AL2
Given the investment horizon of 90 days Bridgford Foods is expected to generate 2.64 times more return on investment than 668771AL2. However, Bridgford Foods is 2.64 times more volatile than GEN 7125 30 SEP 30. It trades about 0.3 of its potential returns per unit of risk. GEN 7125 30 SEP 30 is currently generating about -0.3 per unit of risk. If you would invest 896.00 in Bridgford Foods on September 12, 2024 and sell it today you would earn a total of 140.00 from holding Bridgford Foods or generate 15.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Bridgford Foods vs. GEN 7125 30 SEP 30
Performance |
| Timeline |
| Bridgford Foods |
| GEN 7125 30 |
Bridgford Foods and 668771AL2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bridgford Foods and 668771AL2
The main advantage of trading using opposite Bridgford Foods and 668771AL2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bridgford Foods position performs unexpectedly, 668771AL2 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 668771AL2 will offset losses from the drop in 668771AL2's long position.| Bridgford Foods vs. J J Snack | Bridgford Foods vs. Central Garden Pet | Bridgford Foods vs. Central Garden Pet | Bridgford Foods vs. Lancaster Colony |
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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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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