Correlation Between 03740LAG7 and Kellanova
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By analyzing existing cross correlation between AON 535 28 FEB 33 and Kellanova, you can compare the effects of market volatilities on 03740LAG7 and Kellanova 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 03740LAG7 with a short position of Kellanova. Check out your portfolio center. Please also check ongoing floating volatility patterns of 03740LAG7 and Kellanova.
Diversification Opportunities for 03740LAG7 and Kellanova
Very good diversification
The 3 months correlation between 03740LAG7 and Kellanova is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding AON 535 28 FEB 33 and Kellanova in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kellanova and 03740LAG7 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 AON 535 28 FEB 33 are associated (or correlated) with Kellanova. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kellanova has no effect on the direction of 03740LAG7 i.e., 03740LAG7 and Kellanova go up and down completely randomly.
Pair Corralation between 03740LAG7 and Kellanova
Assuming the 90 days trading horizon AON 535 28 FEB 33 is expected to generate 2.5 times more return on investment than Kellanova. However, 03740LAG7 is 2.5 times more volatile than Kellanova. It trades about 0.24 of its potential returns per unit of risk. Kellanova is currently generating about 0.18 per unit of risk. If you would invest 9,925 in AON 535 28 FEB 33 on November 7, 2024 and sell it today you would earn a total of 245.00 from holding AON 535 28 FEB 33 or generate 2.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
AON 535 28 FEB 33 vs. Kellanova
Performance |
| Timeline |
| AON 535 28 |
| Kellanova |
03740LAG7 and Kellanova Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 03740LAG7 and Kellanova
The main advantage of trading using opposite 03740LAG7 and Kellanova positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 03740LAG7 position performs unexpectedly, Kellanova 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 Kellanova will offset losses from the drop in Kellanova's long position.| 03740LAG7 vs. Western Acquisition Ventures | 03740LAG7 vs. Perella Weinberg Partners | 03740LAG7 vs. Transcontinental Realty Investors | 03740LAG7 vs. Black Spade Acquisition |
| Kellanova vs. Campbell Soup | Kellanova vs. ConAgra Foods | Kellanova vs. Hormel Foods | Kellanova vs. Kraft Heinz Co |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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