Two Equities Correlation Analysis
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for Campbell Soup and NYSE Composite
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Campbell and NYSE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Campbell Soup and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and Campbell Soup 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 Campbell Soup are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of Campbell Soup i.e., Campbell Soup and NYSE Composite go up and down completely randomly.
Pair Corralation between Campbell Soup and NYSE Composite
Considering the 90-day investment horizon Campbell Soup is expected to generate 1.97 times more return on investment than NYSE Composite. However, Campbell Soup is 1.97 times more volatile than NYSE Composite. It trades about 0.2 of its potential returns per unit of risk. NYSE Composite is currently generating about -0.11 per unit of risk. If you would invest 4,301 in Campbell Soup on January 25, 2024 and sell it today you would earn a total of 253.00 from holding Campbell Soup or generate 5.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Campbell Soup vs. NYSE Composite
Performance |
| Timeline |
Campbell Soup and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
Campbell Soup
Pair trading matchups for Campbell Soup
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with Campbell Soup and NYSE Composite
The main advantage of trading using opposite Campbell Soup and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Campbell Soup position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.| Campbell Soup vs. General Mills | Campbell Soup vs. Hormel Foods | Campbell Soup vs. Kellanova | Campbell Soup vs. Lamb Weston Holdings |
| NYSE Composite vs. Aduro Clean Technologies | NYSE Composite vs. Transphorm Technology | NYSE Composite vs. Advanced Micro Devices | NYSE Composite vs. IPG Photonics |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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