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Correlation Between BG Foods and ConAgra Brands

Analyzing existing cross correlation between BG Foods BG Foods and ConAgra Brands. You can compare the effects of market volatilities on BG Foods and ConAgra Brands 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 BG Foods with a short position of ConAgra Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of BG Foods and ConAgra Brands.
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Comparative Performance

BG Foods BG  
00

Risk-Adjusted Performance

Over the last 30 days BG Foods BG Foods has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of abnormal performance in the last few months, the Stock's forward-looking signals remain relatively invariable which may send shares a bit higher in March 2020. The latest agitation may also be a sign of long running up-swing for the enterprise management.
ConAgra Brands  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ConAgra Brands are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. In spite of rather abnormal fundamental drivers, ConAgra Brands exhibited solid returns over the last few months and may actually be approaching a breakup point.

BG Foods and ConAgra Brands Volatility Contrast

 Predicted Return Density 
    
  Returns 

BG Foods Inc BG Foods Inc  vs.  ConAgra Brands Inc

 Performance (%) 
    
  Timeline 

Pair Volatility

Considering 30-days investment horizon, BG Foods BG Foods is expected to under-perform the ConAgra Brands. But the stock apears to be less risky and, when comparing its historical volatility, BG Foods BG Foods is 1.27 times less risky than ConAgra Brands. The stock trades about -0.11 of its potential returns per unit of risk. The ConAgra Brands is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest  2,932  in ConAgra Brands on January 18, 2020 and sell it today you would earn a total of  337.00  from holding ConAgra Brands or generate 11.49% return on investment over 30 days.

Pair Corralation between BG Foods and ConAgra Brands

-0.05
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy98.39%
ValuesDaily Returns

Diversification Opportunities for BG Foods and ConAgra Brands

BG Foods Inc BG Foods Inc diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding BG Foods Inc BG Foods Inc and ConAgra Brands Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ConAgra Brands and BG 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 BG Foods BG Foods are associated (or correlated) with ConAgra Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ConAgra Brands has no effect on the direction of BG Foods i.e. BG Foods and ConAgra Brands go up and down completely randomly.
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