CONAGRA Correlations

205887CD2

94.86 0.18 0.19%

The current 90-days correlation between CONAGRA BRANDS INC and Hudson Technologies is 0.03 (i.e., Significant diversification). The correlation of CONAGRA is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

CONAGRA Correlation With Market

Modest diversification

The correlation between CONAGRA BRANDS INC and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CONAGRA BRANDS INC and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to CONAGRA could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace CONAGRA when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back CONAGRA - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling CONAGRA BRANDS INC to buy it.

Moving against CONAGRA Bond

0.57	AMBR	Amber Road, Symbol Change	Pair Corr
0.5	SPNT	Siriuspoint Normal Trading	Pair Corr
0.41	GLE	Global Engine Group	Pair Corr
0.41	TKOMF	Tokio Marine Holdings	Pair Corr
0.37	00108WAF7	AEP TEX INC	Pair Corr

Related Correlations Analysis

	HDSN	IIIN	PKX	NPSCY	AVD	SPLP-PA	SID	CF
HDSN		-0.14	0.49	0.44	0.0	0.48	0.21	-0.04	HDSN
IIIN	-0.14		-0.21	0.22	0.54	0.14	0.41	-0.16	IIIN
PKX	0.49	-0.21		0.6	-0.44	0.65	0.47	-0.61	PKX
NPSCY	0.44	0.22	0.6		0.04	0.89	0.55	-0.8	NPSCY
AVD	0.0	0.54	-0.44	0.04		0.02	0.1	0.32	AVD
SPLP-PA	0.48	0.14	0.65	0.89	0.02		0.5	-0.68	SPLP-PA
SID	0.21	0.41	0.47	0.55	0.1	0.5		-0.48	SID
CF	-0.04	-0.16	-0.61	-0.8	0.32	-0.68	-0.48		CF
	HDSN	IIIN	PKX	NPSCY	AVD	SPLP-PA	SID	CF

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

SPLP-PA	+ 0.89	NPSCY
SPLP-PA	+ 0.65	PKX
NPSCY	+ 0.6	PKX
SID	+ 0.55	NPSCY
AVD	+ 0.54	IIIN
SID	+ 0.5	SPLP-PA

High negative correlations

CF	- 0.8	NPSCY
CF	- 0.68	SPLP-PA
CF	- 0.61	PKX
CF	- 0.48	SID
AVD	- 0.44	PKX
PKX	- 0.21	IIIN

Risk-Adjusted Indicators

There is a big difference between CONAGRA Bond performing well and CONAGRA Corporate Bond doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze CONAGRA's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HDSN	1.52	0.23	0.13	0.44	1.64	(1.86)	3.42	(2.32)	8.73
IIIN	1.81	(0.08)	0.00	(0.05)	0.00	0.00	3.63	(3.15)	14.41
PKX	1.83	0.21	0.08	0.29	2.25	(1.89)	4.76	(3.76)	14.35
NPSCY	1.06	0.23	0.18	(0.83)	0.95	(1.31)	2.44	(2.11)	5.62
AVD	2.79	(0.13)	0.00	0.71	0.00	0.00	6.77	(5.74)	15.45
SPLP-PA	0.18	0.02	0.07	0.83	0.17	(0.20)	0.58	(0.33)	1.48
SID	2.53	0.09	0.03	0.13	2.94	(3.19)	7.19	(4.55)	16.53
CF	1.66	(0.19)	0.00	(0.23)	0.00	0.00	2.51	(4.59)	15.08

Be your own money manager

Our tools can tell you how much better you can do entering a position in CONAGRA without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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