Correlation Between Citrus Leisure and Convenience Foods
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By analyzing existing cross correlation between Citrus Leisure PLC and Convenience Foods PLC, you can compare the effects of market volatilities on Citrus Leisure and Convenience Foods 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 Citrus Leisure with a short position of Convenience Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citrus Leisure and Convenience Foods.
Diversification Opportunities for Citrus Leisure and Convenience Foods
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Citrus and Convenience is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Citrus Leisure PLC and Convenience Foods PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Convenience Foods PLC and Citrus Leisure 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 Citrus Leisure PLC are associated (or correlated) with Convenience Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Convenience Foods PLC has no effect on the direction of Citrus Leisure i.e., Citrus Leisure and Convenience Foods go up and down completely randomly.
Pair Corralation between Citrus Leisure and Convenience Foods
Assuming the 90 days trading horizon Citrus Leisure PLC is expected to generate 1.7 times more return on investment than Convenience Foods. However, Citrus Leisure is 1.7 times more volatile than Convenience Foods PLC. It trades about -0.01 of its potential returns per unit of risk. Convenience Foods PLC is currently generating about -0.06 per unit of risk. If you would invest 680.00 in Citrus Leisure PLC on August 24, 2024 and sell it today you would lose (230.00) from holding Citrus Leisure PLC or give up 33.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 69.0% |
| Values | Daily Returns |
Citrus Leisure PLC vs. Convenience Foods PLC
Performance |
| Timeline |
| Citrus Leisure PLC |
| Convenience Foods PLC |
Citrus Leisure and Convenience Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citrus Leisure and Convenience Foods
The main advantage of trading using opposite Citrus Leisure and Convenience Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citrus Leisure position performs unexpectedly, Convenience Foods 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 Convenience Foods will offset losses from the drop in Convenience Foods' long position.| Citrus Leisure vs. Convenience Foods PLC | Citrus Leisure vs. HATTON NATIONAL BANK | Citrus Leisure vs. COMMERCIAL BANK OF | Citrus Leisure vs. Lanka Milk Foods |
| Convenience Foods vs. Lanka Credit and | Convenience Foods vs. Carson Cumberbatch PLC | Convenience Foods vs. Mahaweli Reach Hotel | Convenience Foods vs. Lankem Ceylon PLC |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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