Correlation Between CONAGRA FOODS and AXA Aedificandi
Can any of the company-specific risk be diversified away by investing in both CONAGRA FOODS and AXA Aedificandi 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 CONAGRA FOODS and AXA Aedificandi into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CONAGRA FOODS and AXA Aedificandi, you can compare the effects of market volatilities on CONAGRA FOODS and AXA Aedificandi 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 CONAGRA FOODS with a short position of AXA Aedificandi. Check out your portfolio center. Please also check ongoing floating volatility patterns of CONAGRA FOODS and AXA Aedificandi.
Diversification Opportunities for CONAGRA FOODS and AXA Aedificandi
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CONAGRA and AXA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CONAGRA FOODS and AXA Aedificandi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AXA Aedificandi and CONAGRA 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 CONAGRA FOODS are associated (or correlated) with AXA Aedificandi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AXA Aedificandi has no effect on the direction of CONAGRA FOODS i.e., CONAGRA FOODS and AXA Aedificandi go up and down completely randomly.
Pair Corralation between CONAGRA FOODS and AXA Aedificandi
If you would invest (100.00) in AXA Aedificandi on October 9, 2024 and sell it today you would earn a total of 100.00 from holding AXA Aedificandi or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
CONAGRA FOODS vs. AXA Aedificandi
Performance |
Timeline |
CONAGRA FOODS |
AXA Aedificandi |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
CONAGRA FOODS and AXA Aedificandi Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CONAGRA FOODS and AXA Aedificandi
The main advantage of trading using opposite CONAGRA FOODS and AXA Aedificandi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CONAGRA FOODS position performs unexpectedly, AXA Aedificandi 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 AXA Aedificandi will offset losses from the drop in AXA Aedificandi's long position.CONAGRA FOODS vs. HEALTHSTREAM | CONAGRA FOODS vs. THORNEY TECHS LTD | CONAGRA FOODS vs. CARDINAL HEALTH | CONAGRA FOODS vs. BioNTech SE |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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