Correlation Between Hf Foods and CONOCO
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hf Foods Group and CONOCO FDG 725, you can compare the effects of market volatilities on Hf Foods and CONOCO 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 Hf Foods with a short position of CONOCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hf Foods and CONOCO.
Diversification Opportunities for Hf Foods and CONOCO
Weak diversification
The 3 months correlation between HFFG and CONOCO is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Hf Foods Group and CONOCO FDG 725 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONOCO FDG 725 and Hf 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 Hf Foods Group are associated (or correlated) with CONOCO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONOCO FDG 725 has no effect on the direction of Hf Foods i.e., Hf Foods and CONOCO go up and down completely randomly.
Pair Corralation between Hf Foods and CONOCO
Given the investment horizon of 90 days Hf Foods Group is expected to generate 4.78 times more return on investment than CONOCO. However, Hf Foods is 4.78 times more volatile than CONOCO FDG 725. It trades about 0.0 of its potential returns per unit of risk. CONOCO FDG 725 is currently generating about -0.05 per unit of risk. If you would invest 288.00 in Hf Foods Group on November 3, 2024 and sell it today you would lose (22.00) from holding Hf Foods Group or give up 7.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 79.2% |
| Values | Daily Returns |
Hf Foods Group vs. CONOCO FDG 725
Performance |
| Timeline |
| Hf Foods Group |
| CONOCO FDG 725 |
Hf Foods and CONOCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hf Foods and CONOCO
The main advantage of trading using opposite Hf Foods and CONOCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hf Foods position performs unexpectedly, CONOCO 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 CONOCO will offset losses from the drop in CONOCO's long position.| Hf Foods vs. Innovative Food Hldg | Hf Foods vs. G Willi Food International | Hf Foods vs. Calavo Growers | Hf Foods vs. The Chefs Warehouse |
| CONOCO vs. Ambev SA ADR | CONOCO vs. The Coca Cola | CONOCO vs. United Parks Resorts | CONOCO vs. Keurig Dr Pepper |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |