Correlation Between Bridgford Foods and Dean Foods
Can any of the company-specific risk be diversified away by investing in both Bridgford Foods and Dean 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 Bridgford Foods and Dean Foods into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bridgford Foods and Dean Foods, you can compare the effects of market volatilities on Bridgford Foods and Dean 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 Bridgford Foods with a short position of Dean Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bridgford Foods and Dean Foods.
Diversification Opportunities for Bridgford Foods and Dean Foods
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bridgford and Dean is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bridgford Foods and Dean Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dean Foods 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 Dean Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dean Foods has no effect on the direction of Bridgford Foods i.e., Bridgford Foods and Dean Foods go up and down completely randomly.
Pair Corralation between Bridgford Foods and Dean Foods
If you would invest (100.00) in Dean Foods on January 20, 2024 and sell it today you would earn a total of 100.00 from holding Dean Foods 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 |
Bridgford Foods vs. Dean Foods
Performance |
| Timeline |
| Bridgford Foods |
| Dean Foods |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bridgford Foods and Dean Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bridgford Foods and Dean Foods
The main advantage of trading using opposite Bridgford Foods and Dean Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bridgford Foods position performs unexpectedly, Dean 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 Dean Foods will offset losses from the drop in Dean Foods' long position.| Bridgford Foods vs. Green Globe International | Bridgford Foods vs. Greenlane Holdings | Bridgford Foods vs. 22nd Century Group | Bridgford Foods vs. 1606 Corp |
| Dean Foods vs. Sunlands Technology Group | Dean Foods vs. Weibo Corp | Dean Foods vs. Torm PLC Class | Dean Foods vs. Pinduoduo |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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