Correlation Between SANLTD and Bridgford Foods
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By analyzing existing cross correlation between SANLTD 28 08 MAR 27 and Bridgford Foods, you can compare the effects of market volatilities on SANLTD 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 SANLTD with a short position of Bridgford Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of SANLTD and Bridgford Foods.
Diversification Opportunities for SANLTD and Bridgford Foods
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SANLTD and Bridgford is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding SANLTD 28 08 MAR 27 and Bridgford Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bridgford Foods and SANLTD 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 SANLTD 28 08 MAR 27 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 SANLTD i.e., SANLTD and Bridgford Foods go up and down completely randomly.
Pair Corralation between SANLTD and Bridgford Foods
Assuming the 90 days trading horizon SANLTD 28 08 MAR 27 is expected to under-perform the Bridgford Foods. In addition to that, SANLTD is 1.21 times more volatile than Bridgford Foods. It trades about -0.3 of its total potential returns per unit of risk. Bridgford Foods is currently generating about 0.04 per unit of volatility. If you would invest 894.00 in Bridgford Foods on September 1, 2024 and sell it today you would earn a total of 13.00 from holding Bridgford Foods or generate 1.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 57.14% |
| Values | Daily Returns |
SANLTD 28 08 MAR 27 vs. Bridgford Foods
Performance |
| Timeline |
| SANLTD 28 08 |
| Bridgford Foods |
SANLTD and Bridgford Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SANLTD and Bridgford Foods
The main advantage of trading using opposite SANLTD and Bridgford Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SANLTD 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.| SANLTD vs. Cincinnati Financial | SANLTD vs. Maiden Holdings | SANLTD vs. QBE Insurance Group | SANLTD vs. GoHealth |
| 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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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