Correlation Between XTANT MEDICAL and CONAGRA FOODS
Can any of the company-specific risk be diversified away by investing in both XTANT MEDICAL and CONAGRA FOODS at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining XTANT MEDICAL and CONAGRA FOODS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between XTANT MEDICAL HLDGS and CONAGRA FOODS, you can compare the effects of market volatilities on XTANT MEDICAL and CONAGRA 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 XTANT MEDICAL with a short position of CONAGRA FOODS. Check out your portfolio center. Please also check ongoing floating volatility patterns of XTANT MEDICAL and CONAGRA FOODS.
Diversification Opportunities for XTANT MEDICAL and CONAGRA FOODS
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between XTANT and CONAGRA is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding XTANT MEDICAL HLDGS and CONAGRA FOODS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONAGRA FOODS and XTANT MEDICAL 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 XTANT MEDICAL HLDGS are associated (or correlated) with CONAGRA FOODS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONAGRA FOODS has no effect on the direction of XTANT MEDICAL i.e., XTANT MEDICAL and CONAGRA FOODS go up and down completely randomly.
Pair Corralation between XTANT MEDICAL and CONAGRA FOODS
Assuming the 90 days horizon XTANT MEDICAL HLDGS is expected to generate 3.93 times more return on investment than CONAGRA FOODS. However, XTANT MEDICAL is 3.93 times more volatile than CONAGRA FOODS. It trades about 0.17 of its potential returns per unit of risk. CONAGRA FOODS is currently generating about -0.1 per unit of risk. If you would invest 37.00 in XTANT MEDICAL HLDGS on October 28, 2024 and sell it today you would earn a total of 12.00 from holding XTANT MEDICAL HLDGS or generate 32.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
XTANT MEDICAL HLDGS vs. CONAGRA FOODS
Performance |
| Timeline |
| XTANT MEDICAL HLDGS |
| CONAGRA FOODS |
XTANT MEDICAL and CONAGRA FOODS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XTANT MEDICAL and CONAGRA FOODS
The main advantage of trading using opposite XTANT MEDICAL and CONAGRA FOODS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XTANT MEDICAL position performs unexpectedly, CONAGRA 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 CONAGRA FOODS will offset losses from the drop in CONAGRA FOODS's long position.| XTANT MEDICAL vs. WillScot Mobile Mini | XTANT MEDICAL vs. Tower One Wireless | XTANT MEDICAL vs. Jupiter Fund Management | XTANT MEDICAL vs. Highlight Communications AG |
| CONAGRA FOODS vs. ETFS Coffee ETC | CONAGRA FOODS vs. CeoTronics AG | CONAGRA FOODS vs. Corporate Travel Management | CONAGRA FOODS vs. Coor Service Management |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |