Correlation Between Kraft Heinz and CompuGroup Medical
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By analyzing existing cross correlation between Kraft Heinz Co and CompuGroup Medical SE, you can compare the effects of market volatilities on Kraft Heinz and CompuGroup Medical 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 CompuGroup Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kraft Heinz and CompuGroup Medical.
Diversification Opportunities for Kraft Heinz and CompuGroup Medical
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kraft and CompuGroup is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Kraft Heinz Co and CompuGroup Medical SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CompuGroup Medical 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 CompuGroup Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CompuGroup Medical has no effect on the direction of Kraft Heinz i.e., Kraft Heinz and CompuGroup Medical go up and down completely randomly.
Pair Corralation between Kraft Heinz and CompuGroup Medical
Assuming the 90 days trading horizon Kraft Heinz Co is expected to generate 0.45 times more return on investment than CompuGroup Medical. However, Kraft Heinz Co is 2.2 times less risky than CompuGroup Medical. It trades about -0.02 of its potential returns per unit of risk. CompuGroup Medical SE is currently generating about -0.08 per unit of risk. If you would invest 3,379 in Kraft Heinz Co on August 27, 2024 and sell it today you would lose (362.00) from holding Kraft Heinz Co or give up 10.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kraft Heinz Co vs. CompuGroup Medical SE
Performance |
| Timeline |
| Kraft Heinz |
| CompuGroup Medical |
Kraft Heinz and CompuGroup Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kraft Heinz and CompuGroup Medical
The main advantage of trading using opposite Kraft Heinz and CompuGroup Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kraft Heinz position performs unexpectedly, CompuGroup Medical 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 CompuGroup Medical will offset losses from the drop in CompuGroup Medical's long position.| Kraft Heinz vs. CompuGroup Medical SE | Kraft Heinz vs. Constellation Software | Kraft Heinz vs. SCANDMEDICAL SOLDK 040 | Kraft Heinz vs. Clearside Biomedical |
| CompuGroup Medical vs. Superior Plus Corp | CompuGroup Medical vs. NMI Holdings | CompuGroup Medical vs. Origin Agritech | CompuGroup Medical 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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