Correlation Between Campbell Soup and WH Group
Can any of the company-specific risk be diversified away by investing in both Campbell Soup and WH Group 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 Campbell Soup and WH Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Campbell Soup and WH Group Ltd, you can compare the effects of market volatilities on Campbell Soup and WH Group 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 Campbell Soup with a short position of WH Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Campbell Soup and WH Group.
Diversification Opportunities for Campbell Soup and WH Group
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Campbell and WHGLY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Campbell Soup and WH Group Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WH Group 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 WH Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WH Group has no effect on the direction of Campbell Soup i.e., Campbell Soup and WH Group go up and down completely randomly.
Pair Corralation between Campbell Soup and WH Group
If you would invest 4,387 in Campbell Soup on January 25, 2024 and sell it today you would earn a total of 109.00 from holding Campbell Soup or generate 2.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Campbell Soup vs. WH Group Ltd
Performance |
| Timeline |
| Campbell Soup |
| WH Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Campbell Soup and WH Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Campbell Soup and WH Group
The main advantage of trading using opposite Campbell Soup and WH Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Campbell Soup position performs unexpectedly, WH Group 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 WH Group will offset losses from the drop in WH Group's long position.| Campbell Soup vs. General Mills | Campbell Soup vs. Hormel Foods | Campbell Soup vs. Kellanova | Campbell Soup vs. Lamb Weston Holdings |
| WH Group vs. Premier Foods plc | WH Group vs. First Pacific | WH Group vs. Premier Foods Plc | WH Group vs. Torque Lifestyle Brands |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| AI Investment Finder Use AI to screen and filter profitable investment opportunities | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |