Correlation Between CONAGRA FOODS and OURGAME INTHOLDL
Can any of the company-specific risk be diversified away by investing in both CONAGRA FOODS and OURGAME INTHOLDL at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CONAGRA FOODS and OURGAME INTHOLDL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CONAGRA FOODS and OURGAME INTHOLDL 00005, you can compare the effects of market volatilities on CONAGRA FOODS and OURGAME INTHOLDL 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 CONAGRA FOODS with a short position of OURGAME INTHOLDL. Check out your portfolio center. Please also check ongoing floating volatility patterns of CONAGRA FOODS and OURGAME INTHOLDL.
Diversification Opportunities for CONAGRA FOODS and OURGAME INTHOLDL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CONAGRA and OURGAME is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CONAGRA FOODS and OURGAME INTHOLDL 00005 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OURGAME INTHOLDL 00005 and CONAGRA 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 CONAGRA FOODS are associated (or correlated) with OURGAME INTHOLDL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OURGAME INTHOLDL 00005 has no effect on the direction of CONAGRA FOODS i.e., CONAGRA FOODS and OURGAME INTHOLDL go up and down completely randomly.
Pair Corralation between CONAGRA FOODS and OURGAME INTHOLDL
If you would invest 1.60 in OURGAME INTHOLDL 00005 on August 30, 2024 and sell it today you would earn a total of 0.00 from holding OURGAME INTHOLDL 00005 or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
CONAGRA FOODS vs. OURGAME INTHOLDL 00005
Performance |
| Timeline |
| CONAGRA FOODS |
| OURGAME INTHOLDL 00005 |
CONAGRA FOODS and OURGAME INTHOLDL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CONAGRA FOODS and OURGAME INTHOLDL
The main advantage of trading using opposite CONAGRA FOODS and OURGAME INTHOLDL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CONAGRA FOODS position performs unexpectedly, OURGAME INTHOLDL 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 OURGAME INTHOLDL will offset losses from the drop in OURGAME INTHOLDL's long position.| CONAGRA FOODS vs. Apple Inc | CONAGRA FOODS vs. Apple Inc | CONAGRA FOODS vs. Superior Plus Corp | CONAGRA FOODS vs. SIVERS SEMICONDUCTORS AB |
| OURGAME INTHOLDL vs. Sea Limited | OURGAME INTHOLDL vs. Superior Plus Corp | OURGAME INTHOLDL vs. NMI Holdings | OURGAME INTHOLDL vs. SIVERS SEMICONDUCTORS AB |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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