Correlation Between Kraft Heinz and Altimar Acquisition
Can any of the company-specific risk be diversified away by investing in both Kraft Heinz and Altimar Acquisition 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 Kraft Heinz and Altimar Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kraft Heinz Co and Altimar Acquisition Corp, you can compare the effects of market volatilities on Kraft Heinz and Altimar Acquisition 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 Kraft Heinz with a short position of Altimar Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kraft Heinz and Altimar Acquisition.
Diversification Opportunities for Kraft Heinz and Altimar Acquisition
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kraft and Altimar is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Kraft Heinz Co and Altimar Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Altimar Acquisition Corp and Kraft Heinz 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 Kraft Heinz Co are associated (or correlated) with Altimar Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altimar Acquisition Corp has no effect on the direction of Kraft Heinz i.e., Kraft Heinz and Altimar Acquisition go up and down completely randomly.
Pair Corralation between Kraft Heinz and Altimar Acquisition
If you would invest 5.00 in Altimar Acquisition Corp on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Altimar Acquisition Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 2.27% |
| Values | Daily Returns |
Kraft Heinz Co vs. Altimar Acquisition Corp
Performance |
| Timeline |
| Kraft Heinz |
| Altimar Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kraft Heinz and Altimar Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kraft Heinz and Altimar Acquisition
The main advantage of trading using opposite Kraft Heinz and Altimar Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kraft Heinz position performs unexpectedly, Altimar Acquisition 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 Altimar Acquisition will offset losses from the drop in Altimar Acquisition's long position.| Kraft Heinz vs. General Mills | Kraft Heinz vs. Campbell Soup | Kraft Heinz vs. ConAgra Foods | Kraft Heinz vs. Hormel Foods |
| Altimar Acquisition vs. Natural Alternatives International | Altimar Acquisition vs. Kraft Heinz Co | Altimar Acquisition vs. FitLife Brands, Common | Altimar Acquisition vs. Nike Inc |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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