Correlation Between 668771AL2 and Bridgford Foods
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By analyzing existing cross correlation between GEN 7125 30 SEP 30 and Bridgford Foods, you can compare the effects of market volatilities on 668771AL2 and Bridgford 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 668771AL2 with a short position of Bridgford Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of 668771AL2 and Bridgford Foods.
Diversification Opportunities for 668771AL2 and Bridgford Foods
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between 668771AL2 and Bridgford is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding GEN 7125 30 SEP 30 and Bridgford Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bridgford Foods and 668771AL2 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 GEN 7125 30 SEP 30 are associated (or correlated) with Bridgford Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bridgford Foods has no effect on the direction of 668771AL2 i.e., 668771AL2 and Bridgford Foods go up and down completely randomly.
Pair Corralation between 668771AL2 and Bridgford Foods
Assuming the 90 days trading horizon GEN 7125 30 SEP 30 is expected to generate 0.15 times more return on investment than Bridgford Foods. However, GEN 7125 30 SEP 30 is 6.85 times less risky than Bridgford Foods. It trades about -0.14 of its potential returns per unit of risk. Bridgford Foods is currently generating about -0.09 per unit of risk. If you would invest 10,429 in GEN 7125 30 SEP 30 on September 4, 2024 and sell it today you would lose (379.00) from holding GEN 7125 30 SEP 30 or give up 3.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 85.94% |
| Values | Daily Returns |
GEN 7125 30 SEP 30 vs. Bridgford Foods
Performance |
| Timeline |
| GEN 7125 30 |
| Bridgford Foods |
668771AL2 and Bridgford Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 668771AL2 and Bridgford Foods
The main advantage of trading using opposite 668771AL2 and Bridgford Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 668771AL2 position performs unexpectedly, Bridgford 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 Bridgford Foods will offset losses from the drop in Bridgford Foods' long position.| 668771AL2 vs. Bridgford Foods | 668771AL2 vs. PepsiCo | 668771AL2 vs. Village Super Market | 668771AL2 vs. Ambev SA ADR |
| Bridgford Foods vs. Seneca Foods Corp | Bridgford Foods vs. J J Snack | Bridgford Foods vs. Central Garden Pet | Bridgford Foods vs. Central Garden Pet |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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