Correlation Between Bridgford Foods and SANLTD
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By analyzing existing cross correlation between Bridgford Foods and SANLTD 28 08 MAR 27, you can compare the effects of market volatilities on Bridgford Foods and SANLTD 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 SANLTD. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bridgford Foods and SANLTD.
Diversification Opportunities for Bridgford Foods and SANLTD
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bridgford and SANLTD is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Bridgford Foods and SANLTD 28 08 MAR 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SANLTD 28 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 SANLTD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SANLTD 28 08 has no effect on the direction of Bridgford Foods i.e., Bridgford Foods and SANLTD go up and down completely randomly.
Pair Corralation between Bridgford Foods and SANLTD
Given the investment horizon of 90 days Bridgford Foods is expected to generate 0.86 times more return on investment than SANLTD. However, Bridgford Foods is 1.16 times less risky than SANLTD. It trades about 0.07 of its potential returns per unit of risk. SANLTD 28 08 MAR 27 is currently generating about -0.26 per unit of risk. If you would invest 903.00 in Bridgford Foods on August 29, 2024 and sell it today you would earn a total of 23.00 from holding Bridgford Foods or generate 2.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 68.18% |
| Values | Daily Returns |
Bridgford Foods vs. SANLTD 28 08 MAR 27
Performance |
| Timeline |
| Bridgford Foods |
| SANLTD 28 08 |
Bridgford Foods and SANLTD Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bridgford Foods and SANLTD
The main advantage of trading using opposite Bridgford Foods and SANLTD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bridgford Foods position performs unexpectedly, SANLTD 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 SANLTD will offset losses from the drop in SANLTD'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 |
| SANLTD vs. Bridgford Foods | SANLTD vs. Artisan Partners Asset | SANLTD vs. BBB Foods | SANLTD vs. FitLife Brands, Common |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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