Correlation Between Bridgford Foods and FREEPORT
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By analyzing existing cross correlation between Bridgford Foods and FREEPORT MCMORAN INC 525, you can compare the effects of market volatilities on Bridgford Foods and FREEPORT 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 Bridgford Foods with a short position of FREEPORT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bridgford Foods and FREEPORT.
Diversification Opportunities for Bridgford Foods and FREEPORT
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bridgford and FREEPORT is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Bridgford Foods and FREEPORT MCMORAN INC 525 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FREEPORT MCMORAN INC and Bridgford Foods 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 Bridgford Foods are associated (or correlated) with FREEPORT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FREEPORT MCMORAN INC has no effect on the direction of Bridgford Foods i.e., Bridgford Foods and FREEPORT go up and down completely randomly.
Pair Corralation between Bridgford Foods and FREEPORT
Given the investment horizon of 90 days Bridgford Foods is expected to generate 4.04 times more return on investment than FREEPORT. However, Bridgford Foods is 4.04 times more volatile than FREEPORT MCMORAN INC 525. It trades about 0.0 of its potential returns per unit of risk. FREEPORT MCMORAN INC 525 is currently generating about 0.01 per unit of risk. If you would invest 1,145 in Bridgford Foods on September 25, 2024 and sell it today you would lose (105.00) from holding Bridgford Foods or give up 9.17% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 99.39% |
Values | Daily Returns |
Bridgford Foods vs. FREEPORT MCMORAN INC 525
Performance |
Timeline |
Bridgford Foods |
FREEPORT MCMORAN INC |
Bridgford Foods and FREEPORT Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bridgford Foods and FREEPORT
The main advantage of trading using opposite Bridgford Foods and FREEPORT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bridgford Foods position performs unexpectedly, FREEPORT 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 FREEPORT will offset losses from the drop in FREEPORT's long position.Bridgford Foods vs. J J Snack | Bridgford Foods vs. Central Garden Pet | Bridgford Foods vs. Lancaster Colony | Bridgford Foods vs. The A2 Milk |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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