Correlation Between Cal Maine and Intel
Can any of the company-specific risk be diversified away by investing in both Cal Maine and Intel 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 Cal Maine and Intel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cal Maine Foods and Intel, you can compare the effects of market volatilities on Cal Maine and Intel 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 Cal Maine with a short position of Intel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cal Maine and Intel.
Diversification Opportunities for Cal Maine and Intel
Pay attention - limited upside
The 3 months correlation between Cal and Intel is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cal Maine Foods and Intel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intel and Cal Maine 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 Cal Maine Foods are associated (or correlated) with Intel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intel has no effect on the direction of Cal Maine i.e., Cal Maine and Intel go up and down completely randomly.
Pair Corralation between Cal Maine and Intel
If you would invest 10,234 in Cal Maine Foods on November 4, 2024 and sell it today you would earn a total of 91.00 from holding Cal Maine Foods or generate 0.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Cal Maine Foods vs. Intel
Performance |
| Timeline |
| Cal Maine Foods |
| Intel |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Cal Maine and Intel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cal Maine and Intel
The main advantage of trading using opposite Cal Maine and Intel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cal Maine position performs unexpectedly, Intel 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 Intel will offset losses from the drop in Intel's long position.| Cal Maine vs. SILICON LABORATOR | Cal Maine vs. Guangdong Investment Limited | Cal Maine vs. Siamgas And Petrochemicals | Cal Maine vs. Sanyo Chemical Industries |
| Intel vs. Coffee Holding Co | Intel vs. Nomad Foods | Intel vs. MTY Food Group | Intel vs. MOLSON RS BEVERAGE |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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