Correlation Between Performance Food and 09261BAK6
Specify exactly 2 symbols:
By analyzing existing cross correlation between Performance Food Group and BX 62 22 APR 33, you can compare the effects of market volatilities on Performance Food and 09261BAK6 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 Performance Food with a short position of 09261BAK6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Performance Food and 09261BAK6.
Diversification Opportunities for Performance Food and 09261BAK6
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Performance and 09261BAK6 is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Performance Food Group and BX 62 22 APR 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 09261BAK6 and Performance Food 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 Performance Food Group are associated (or correlated) with 09261BAK6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 09261BAK6 has no effect on the direction of Performance Food i.e., Performance Food and 09261BAK6 go up and down completely randomly.
Pair Corralation between Performance Food and 09261BAK6
Given the investment horizon of 90 days Performance Food Group is expected to generate 0.54 times more return on investment than 09261BAK6. However, Performance Food Group is 1.84 times less risky than 09261BAK6. It trades about 0.32 of its potential returns per unit of risk. BX 62 22 APR 33 is currently generating about 0.01 per unit of risk. If you would invest 8,414 in Performance Food Group on October 23, 2024 and sell it today you would earn a total of 498.00 from holding Performance Food Group or generate 5.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 73.68% |
| Values | Daily Returns |
Performance Food Group vs. BX 62 22 APR 33
Performance |
| Timeline |
| Performance Food |
| 09261BAK6 |
Performance Food and 09261BAK6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Performance Food and 09261BAK6
The main advantage of trading using opposite Performance Food and 09261BAK6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Performance Food position performs unexpectedly, 09261BAK6 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 09261BAK6 will offset losses from the drop in 09261BAK6's long position.| Performance Food vs. Sysco | Performance Food vs. The Chefs Warehouse | Performance Food vs. United Natural Foods | Performance Food vs. Calavo Growers |
| 09261BAK6 vs. Performance Food Group | 09261BAK6 vs. Zhihu Inc ADR | 09261BAK6 vs. NuRAN Wireless | 09261BAK6 vs. Iridium Communications |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| CEOs Directory Screen CEOs from public companies around the world |